I understand that to mean: any Chinese citizens who can send their CNY offshore (which turns them into CNH) can now deposit them directly to BTC-e, without converting them to EUR or USD first.
That could be one option for Chinese citizens to put new money into the cryptocoin market. However it seems to be limited to 50,000 CNY/year for most people, is that correct?
Chinese citizens who already have money in their Chinese exchange accounts would probably want to buy bitcoins there and export them to an account on BTC-e or any other exchange.
I suppose that the PBoC would not mind, quite the opposite, if Chinese citizens withdraw CNH from BTC-e and bring them back into the mainland?
If I see it your way, it means that the Chinese have a BTC/LTC-way to escape capital controls until April 15th.
Also 50000 CNY is almost 6 grand in which is not much to some of us western middle class spoiled people but it is a lot to small Chinese worker class that is desperate for investing into stores of value that are not debased/stolen by their own government.
So if BTC-E provides them with a way to withdraw CNH, and if they can convert CNH to CNY easily, they could put some of their savings into crypto.
Can any Chinese citizen here please confirm that this is the case?
Yeah, but what is the profile of the average BTC chinese investor? Maybe they are NOT regular chinese people. We have to recall that probably less than 5% of chinese have heard about BTC and probably less than .1% have taken any steps towards purchasing any BTC and probably less than .01% have any significant BTC holdings of more than 10 BTC. In other words we are referring to a subset of a subset of a group.