[africanboy]

it looks pretty complicated for a person who wants to send money (illegally) out of China and clean it up.

The easiest thing for China would be monitor crypto transactions and stop them from happening.

But suppose you are Chinese and have a good friend in UK who's going to report as legit income the result of your criminal activity in China (criminal as in simply hiding the money from the government, for whatever reason) on your behalf.

Why should you set this complex scheme up when you could simply fly to UK to visit your artist friend, buy one of his artwork with your yuan and you're done?

Or better yet, invite your UK friend to China and give him the money, that he can then deposit on his account.

Purchasing mining hardware or artworks with your money that can be trace back to you it's the exact same thing.

[ovi256]

> Why should you set this complex scheme up when you could simply fly to UK to visit your artist friend, buy one of his artwork with your yuan and you're done?

> Or better yet, invite your UK friend to China and give him the money, that he can then deposit on his account.

China has capital controls and dual currencies to prevent these common scenarios. The yuan that the Chinese resident can get from a Chinese bank is devalued outside of China, and it is forbidden to move large quantities anyway (much less than the 1M USD mentioned in the thread).

https://statrys.com/blog/cnh-vs-cny-differences-chinese-renm...

[africanboy]

> China has capital controls and dual currencies to prevent these common scenarios

that's why you buy stuff in yuan and sell the stuff for dollars/euro or other currencies

BTW we are talking about criminal activities here (money laundering), of course there's a price to pay and that price usually is in the 20-40% range (I've checked CNY and CNH and they are being traded at very similar rates right now [1][2])

there's no need to buy hundreds of GPU to mine crypto to do what the OP intended to do

unless OP meant btc it's a cheaper and safer way to launder money, which is a good reason why people could think it's a scam

[1] https://www.bloomberg.com/quote/USDCNY:CUR

[2] https://www.bloomberg.com/quote/USDCNH:CUR