Wednesday 24 October 2018

TIL: In China your bank account and money is controlled by the government


$300K equivalent in Yuan. A completely government controlled currency which (likely...it was for me) is required to be deposited in a Chinese bank where you can only access it in certain ways and is only worth what China says it is worth and can be confiscated at any time.I did business with a few Chinese (national) companies, and I won a (small) award from the Chinese government. In both cases I was required to have a Chinese bank hold the funds. In theory I have about $100K in a Chinese bank which I cannot access unless I am on the Chinese mainland.If you're Chinese, it's a hella deal. Not so much for guizi.​ via /r/Bitcoin http://bit.ly/2D3yFci

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