Quote from: RodeoX on March 11, 2014, 07:56:11 PM

Quote from: Imerman2 on March 11, 2014, 07:50:10 PM

Ok so I've been trading crypto for awhile, but I hate trading using dollars. I don't want dollars ever, they are toilet paper. I wanted to use a Chinese trading platform so that my currency used in exchange would be renminbi (I think China has a lot of gold they will probably use to back the Yuan eventually so I'll feel more like I'm trading gold for crypto rather than toilet paper, and I feel comfortable holding either crypto or renminbi). However I don't know all the legal processes involved with CNY withdrawals. I currently have an account at BTC-China and was going to deposit my crypto to trade there, but I can't quite figure out how withdrawals of crypto and CNY work. I need to know what the process is for withdrawing crypto and CNY from BTC-China. Any and all help would be appreciated. (I apologize if my use of CNY and renminbi is not grammatically correct).

Do you have a Chinese bank account or a way to get CNY for a private sale? If your not Chinese it may be very hard to do. Unlike dollars it is not really used outside of China. It is also not backed by gold or anything, forget about backed currency. Perhaps in the future CNY will be more desirable than USD, but many Chinese nationals horde dollars.

I do not have a Chinese bank account and I don't want CNY in the short-run, but long-run. I'm speculating that China will back its currency with gold in the future in the event of a dollar crises, what I'm concerned with is if I put dollars or crypto into BTC-China, can I get it out or is stuck there because of Chinese restrictions? I understand there may be transfers between dollars and CNY for fiat, but so long as I can get it out in some form without huge fees that's all I need to know.