Crypto is not illegal in China, but it is illegal for banks and financial institutions to deal in crypto. It’s also illegal for nationals to send over $50,000 in fiat money in a day, without government permission. Restrictive banking regulations, international trade wars, and a surveillance state in the midst of political unrest mean that transferring money can be difficult. In spite of bitcoin’s somewhat precarious legal standing, Chinese are nonetheless finding a ready avenue of non-draconian, free market exchange using crypto channels to prosper even in the face of economic oppression.
This is a companion discussion topic for the original entry at https://news.bitcoin.com/crypto-facilitates-money-transfer-for-restricted-china/