I’m back, and now dealing with China’s new Bitcoin restrictions

I'm back, and now dealing with China's new Bitcoin restrictions
JISHOU, HUNAN — While I was away, China’s central banking authorities decided to investigate (as they put it), China’s Bitcoin exchanges, resulting in all the exchanges sharply curtailing withdrawals of Bitcoin until further notice. As I have used Bitcoin as a way to move part of my salary (paid in Chinese yuan) to my bank in America, this new situation directly affects me. All is not lost, however, as I will detail below. One dilemma many expats face is moving money from one country to another. I am paid in Chinese yuan, and am permitted to transfer 70% of my very modest pay — by US standards — each month to the USA. At first, I used bank wire transfers, which required substantial paperwork, the assistance of a Chinese national’s bank account and relatively high fees. Then I learned I could create a Chinese PayPal account and send funds to my American PayPal account, paying about 4% in exchange fees. Not bad, but my experience with PayPal is, shall we say, less than positive. Beginning in 2013 I started using Bitcoin to move my money cross-border. I’d buy bitcoins with Chinese yuan, send the bitcoins to my Coinbase account, and ...
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