How Chinese Use Bitcoin to Funnel Money Out of the Country

The digital currency provides a secret way for ordinary Chinese to get money out of the country.
How Chinese Use Bitcoin to Funnel Money Out of the Country
A bitcoin sign during the opening ceremony of the first bitcoin retail shop in Hong Kong, on Feb. 28, 2014. PHILIPPE LOPEZ/AFP/Getty Images
Valentin Schmid
Updated:

In the fall of 2015, we know that all is not well with the Chinese economy. People are trying to get their money out as fast as they can. 

Some of these methods, like using underground banks or hiring people to carry physical cash out of the country are hard to do for ordinary Chinese savers.

Bitcoin can be made completely untraceable so the authorities won't catch the person who transferred money out of the country.
Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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