China’s Stricter Capital Controls Target UnionPay Card Holders
Chinese residents who value their financial freedom need to consider obtaining Bitcoin. China’s capital controls are slowly getting out of hand as of late. A new move will see UnionPay bank card holders withdrawal limits cut in half. This is another move to fight the Macau gaming industry, which is often seen as a “safe’ way to avoid capital control. All of this will highlight the value and viability of Bitcoin even further. With multiple billions of yuan flowing out of the Chinese economy every year, stemming the tide is of the utmost importance. Doing so is not an easy feat by any means,....
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Chinese gamblers and stock traders are nursing their wounds after Macau authorities reversed a decision to limit their daily withdrawals to 5,000 patacas ($626). Macau Investors Easily Spooked. The original announcement sent shares in casinos tumbling, Reuters reports, with seasoned gamers also looking at their incomes being strangled. Macau, which generates around 40% of GDP from the gambling industry, will nonetheless keep a new ATM transaction limit of 5,000 patacas. The proposed limits would affect only China UnionPay account holders, it appears, with authorities pointing to a desire....