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Some time ago I had a bunch of Chinese yuan on a Chinese account that I wanted to transfer to Europe. I couldn't do a wire transfer, and I couldn't bring them as cash since my German bank didn't want them. I could either pull 500 € a day via ATM (with large fees), or just send it via Bitcoin.



Why couldn't you do a wire transfer?


Before 2009, export of RMB was completely prohibited. Afterwards, some restrictions were lifted, but AIUI they do not apply to J. Random Laowai.


Nowadays, can people even have bank accounts in their names in China without Chinese ID ?


Fiat financial systems are full of most arbitrary restrictions. My anecdote: I once wanted to deposit money, came to a bank, gave them a bank card,

They: What is this?

Me: Money.

They: No, bring money.




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