I've always wondered, can't the Chinese buy bitcoin in large amounts, then trade them for cash overseas (using local bitcoins for example)? Doesn't that allow them to export more than $50,000 a year?
Please upvote if you want to know the answer too.
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Because, domestic transactions above a certain amount will be screened for suspicious transactions. This means if you intend to use anything other than cash for over the counter trading, you pose a risk of being investigated for money laundering.
Would they be able to trace it if a China national buys bitcoin, Then travels overseas (lets say Australia) and sells it for cash in Australia?
They can't know what you do with the bitcoin once you have it. That's why they're doing their best to stop people from purchasing larger amounts and letting bitcoin become the best way to shift money out the country.
I see.. Thanks for your reply :)