Report: Chinese Regulators Exploring Bitcoin Connection to Capital Flight
Though details are currently scarce, Chinese regulators are reportedly looking into the use of bitcoin to avoid capital controls. According to Tencent Finance, the State Administration of Foreign Exchange (SAFE) is exploring how bitcoin can be used to circumvent capital flight. The news website cited unnamed sources close to regulators, and Tencent’s report was later cited by Bloomberg. The report emerges in the wake of statements from China's central bank, which said today that it had met with domestic bitcoin exchanges this week, warning them about adhering to state regulations. It also....
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Star Xu, OKCoin’s CEO, one of the biggest bitcoin exchange with around 37% of total trading volume, has disputed bitcoin was used for capital flight, publicly stating today according to a translation: “Constant price difference between China and the west over a long time tells us capital flight with Bitcoin is purely imaginary.” OKCoin’s and Huobi’s price was almost $200 higher than in western exchanges at one point, providing a unique opportunity for arbitrage in a somewhat risk free manner. However, the fact that few, if any, took advantage suggests that moving money from a Chinese bank....
Several of Ant Group’s offerings including the blockchain division will reportedly become part of a financial holding company. Ant Group, the financial affiliate of China’s e-commerce giant Alibaba, has reportedly reached an agreement with Chinese regulators over the company's status.According to a Feb. 3 report by Bloomberg, Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company.Ant Group’s new status will reportedly make it subject to capital requirements similar to those for Chinese banks. The agreement will impact....
According to Flightradar24’s official Twitter account, the most tracked flight at 3:33 a.m. on Nov. 12, 2022, was Sam Bankman-Fried’s (SBF) private jet flying from the Bahamas to Argentina. While the flight track doesn’t mean SBF took the flight, a number of people suspected someone from SBF’s inner circle did fly out of the Bahamas. The former FTX CEO, however, texted Reuters after the flight report, and told the news outlet he did not leave the Bahamas. Former FTX CEO’s Private Jet Embarks to Argentina, SBF Claims He Remains in the Bahamas The former FTX CEO and frontman, Sam....
But there is more, as financial institutions will have to report international transfers exceeding 200,00 yuan. China has been imposing various degrees of curbing capital outflow throughout 2016. Not all of these attempts have been successful, but the government has come up with a new plan. Foreign currency purchases will be restricted even further moving forward. In doing so, the government aims to reduce the amount of money leaving the Chinese economy. Converting Yuan to foreign currency will become more difficult for everyone living in China. Additional information needs to be provided....