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.

​



Submitted October 24, 2018 at 07:11PM by danceprometheus https://ift.tt/2z3kcZd

Comments

Post a Comment

Popular posts from this blog

No, Bitcoin is not controlled by a small group of investors and miners (A rebuttal to the TechSpot article)

https://preview.redd.it/vli0ofqwf6w71.jpg?width=3840&format=pjpg&auto=webp&s=2a704c47375637858c27216379ae8313dadf8be8 This could be a long read. Kindly bear with me. I write this primarily in response to the TechSpot article from yesterday ( r/technology mods told me they only allow “ mainstream articles with editorial oversight and fact-checking ” so I'm sharing this here). But I’d also like to take this opportunity to write about Bitcoin more broadly as someone who has been following it for more than a decade and I’ll try to do so without complicating the conversation for anyone unfamiliar with Bitcoin. The TechSpot article cites a non-peer-reviewed National Bureau of Economic Research (NBER) working paper from Igor Makarov and Antoinette Schoar. NBER claims to be non-partisan but it is a private NPO funded by the likes of Bill Gates foundation . The chairman of NBER, Karen Horn, is a former president of the Federal Reserve Bank of Cleveland and Head of Int...
Read more