Can I send money to my friend's Chinese Bank account using Bitcoin? How easy and safe are the resources for a Chinese person to convert Bitcoin to cash?
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3 Answers
He can sell for cash with local trader on mycelium.
There are services that allow you to withdraw bitcoins to a third person's bank account. In that case your friend will not need to convert bitcoin to cash. I believe it will be quite easier - there also are bitcoin to bank/cash exchanges in China, but due to their regulations, such exchanges are operating using personal accounts or some schemes that are rather risky and hard to understand for the newbie.
No, you cannot send money to your friends Chinese bank account with Bitcoin Legally.
They are quite unsafe as those reliable exchanges available are all but nonexistent - safe and reliable resources do not exist in the form of centralized Chinese exchange posts.
As a result of the 2013 legal regulations put into motion by the People's Republic, now what we have a a collection of vaguely enforceable rules with little to no precedent.
[China's Proposed Bitcoin Laws]http://www.bloomberg.com/news/articles/2013-12-05/china-s-pboc-bans-financial-companies-from-bitcoin-transactions
Can your friend receive another form of Money in his bank account that you sent and paid for with Bitcoin? Perhaps, however please consider that months later, the perpetrators of MyCoin are still unknown.
[see MyCoin]http://thecryptosphere.com/2015/02/09/ten-percent-of-all-bitcoin-in-circulation-was-just-stolen/
The remittance tag appears not to exist.
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2Why do you say resources for a Chinese person to convert (i.e. exchange) Bitcoin to cash are "plainly nonexistent"? I found some information suggesting that China has forbidden some Bitcoin exchanges to use the banking system, but no suggestion that it is completely impossible to exchange Bitcoin for CNY. Can you provide sources to support your answer? Feb 13, 2015 at 2:06
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