#Bitcoin aus Gründen

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Play stupid games...

Not sure you will see this but below is a more detailed explanation of the situation

Easily one of the more absurd China news stories so far this year. I spent this morning speaking to a dozen clients all of whom confirmed to me that there are no issues in the operations of cross-border capital flows. Business as usual. As for Mobius, well the issue raised is with his personal bank account.

I don’t know about you, but in today’s environment the level of documentation required to make any material personal bank transfers, regardless of country, is comical. Only a week back I had my US bank account temporarily disabled after attempting to send a somewhat sizeable wire domestically to a family member. This then required my calling the bank, which of course was closed due to differences in time zones. Several hours later, once I did get through, the call was rerouted to the “fraud” department where I was required to answer a laundry list of questions. But I digress.

Back to the subject of China, and while anecdotal, I run a company which is a China-domiciled WFOE with a HK parent. Through the course of our doing business, payments are wired both into and out of China. We’ve never had a single issue. There are certainly a host of documentary requirements – State Administration of Taxation the most critical – but the process itself isn’t overly cumbersome. The process, however, isn’t at all enjoyable for any individual looking to conduct overseas transfers and this is what I suspect Mr. Mobius has encountered. Based on the experiences of others, Mr. Mobius is facing KYC/AML issues. Again, the need for specific documentation and he is far from alone in his frustration.

Jumping from a single individual being unable to wire funds from a personal account to the conclusion that China is restricting capital flows is the ultimate stretch. At this point though, the commentary provided here no longer matters. There’s a China bias globally and the Mobius story worked perfectly to further confirm that bias. Given the trends underway in the US, there'll probably be a Congressional hearing on the subject next month (I say half jokingly). The headlines will keep coming though. Of that I am certain.

Invest in commies, get commied. ✅

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Glad you shared this. Ive been talking of this potential. I believe its a tactic to get chinese investments out of G20 countries. This crackdown will push a liquidation of foreign assets if chinese globally.. i hope china then moves to a Bitcoin standard. Or at minimum accepts BTC for international trade as Russia soon will. 🧡🧡🧡

Bitcoin fixes this!