How to buy crypto in China

[cjrid]

Good to know, where are you located?

I'm moving to asia soon, starting with malaysia

 

[wellington]

I'm moving to asia soon, starting with malaysia

Problem -> He's restricted on capital flight from China (small number 50,000$ a year i think).

So the reason he (evidently by duducing) want's crypto is to get his funds outside of China.

The best approach for a Chinese person is to find the still existing bitcoin mining operations in China and do that way...

The other way is to pay x % to get the funds into HK where they can enter the non-Chinese banking system (Swift), or Crypto.

In China itself, it's rather hush so first option comes on recommendations...

 

[daniels27]

There are many people that want to move money out of China. From 100k to 100 millions. It is illegal. Trust me, the Chinese are well-organised and if there are ways, they know it it. Some banks have been known to offer such transfers between the mainland and Hong Kong branch. Now, it insurance companies doing such business.

Trust me, you do not want to get involved in this. No matter if with crypto or anything else.

 

[DeepDrilling]

China is seemingly supported by Advcash, therefore he could onramp using it and then either buy crypto there, or use advcash dollars to buy it using one of the many no-kyc exchanges.
https://www.bestchange.com/bitcoin-to-advanced-cash.html
The main difficulty would be to swap CNY for USD however, but that's a different problem.

now AdvCash has banking problems how do you do it today ?

 

[daniels27]

Any bank that offers such service in China will sooner or later run into "banking problems". It is illegal and they will close it. Please see my above post. Trust me, you do not want to get involved. Chinese are well connected people and if they come to you, it means they want you to do something very illegal. Anything sightly against the law has already been tried with locals. They would not ask you, they know you cost more than the poor Chinese trying to get some money with something dubious.

 

[daniels27]

Hey @daniels27, you've raised an important point about the complexities of buying crypto in China, especially with regulations around moving money out of the country. It's crucial for individuals to understand and comply with local laws and regulations regarding cryptocurrency transactions.

Yes, but the rules in China are that you cannot use it. China has a very close eye on anybody with more than 20M USD and they do all to make sure the money does not leave the country. Crypto was banned mainly because of this.

 

[jafo]

Yes, but the rules in China are that you cannot use it. China has a very close eye on anybody with more than 20M USD and they do all to make sure the money does not leave the country. Crypto was banned mainly because of this.

I think it's informative to make the distinction here about crypto in China. It's a one-way street! I wrote about this before here: How to buy crypto in China and several times.

+99.99% of my daily (repeated) business in Asia (+90% in China) to factories and suppliers (read brokers/facilitators) is done with crypto (mostly USDT, USDC etc). It's fast, easy, and there is NO compliance bullsh1t asking for invoices, the color of my neighbor's cat, tax returns or any of that other bullsh1t these bank monkeys ask for! No "trusted" third-party is needed. As far as I know, most of my suppliers cash out right away into ¥ via OKX, BINANCE, and others alike. Most of them (+95%), provide me with their stablecoin address that is with OKX, BINANCE, or other exchanges.

Most "spectators" are NOT familiar with these distinctions! For example, most of us KNOW that Mike Tyson hits fast & hard, but (probably) NONE of us know how fast & how hard as opposed to Marvis Frazier . I will also pretty confidently state that Marvis can't articulate how fast & hard either (You all can look up that fight...it lasted a few seconds)

 

[daniels27]

Then how about you pay your cryptos to JohnnyDoe's friend and he gives Yuan to your factory?

 

[jafo]

Then how about you pay your cryptos to JohnnyDoe's friend and he gives Yuan to your factory?

I explained in my Bio what I do about one year ago (May 2023) here:

 

[jafo]

Can anyone write a brief guide on how to do that in the most practical way? For a Chinese guy who has money in China and wants to buy crypto.

I'm not sure if your friend solved his issue, but this article was pretty interesting. It was sent to me by one of my suppliers, whom I had asked if he was interested in selling crypto to one of his brethren. He didn't say "no." He just "ignored" the question, but today, he replied to my earlier question with this Coindesk article

Coindesk article: China Never Completely Banned Crypto. Despite government crackdowns and widespread reports that crypto is outlawed in China, crypto trade is still very much alive. How is that possible?

 

[daniels27]

As far as I understand China and the wealthy there. China was a big problem of money outflow and they keep a close eye on anybody with substantial wealth. There are all sort of tricks to get the money out from insurance in Hong Kong to carrying cash across the border. There also is an open scene of people that ask anybody with connections is they could help in this.

Hence, basically any action that could serve that purpose is banned.

https://www.weforum.org/agenda/2022/01/what-s-behind-china-s-cryptocurrency-ban/