Regulators consider the $15,000 cap to be sufficient
for Chinese overseas who wish to withdraw from mainland Chinese banks. The new
policy was implemented to halt the excessive outpour of money from China
through Bitcoin and other crypto currencies.
The average Chinese resident overseas withdrew from
Chinese banks totaled to about a third of the new restriction, so regulators do
not think there should be any issues. However, Chinese politicians and
oligarchs would be exempt from the restrictions through the use of loopholes
and virtual currency.
Chinese residents must comply with this new policy
or face a punishment of being barred from withdrawing cash overseas from
Chinese banks for up to two years. The punishment hopes to deter individuals from
getting involved with money laundering and tax evasion.
Since the introduction of Bitcoin in China in 2015
there has been an increased outflow of currency to about $40 trillion. The
Chinese government are hoping the new policy will aid in slowing down the
outpour.
Read the full story here
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