Originally published at: http://boingboing.net/2017/02/16/more-anti-money-laundering-mea.html
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I wish we could get them out of the L.A. real estate market. Lots of “holding companies” picking up multi tenant buildings.
What are the chances Rot Dumpland implements tariffs on foreign real estate “investments,” aka parking your renminbi or rubles in perpetually vacant Western luxury condos?
Haha, yeah I laughed too, a little bit, but not really.
@doctorow - Two things I find troubling in your coverage here.
The first is using ‘Money Laundering’ for moving your own money around. Money laundering is the process of ‘cleaning’ ill-gotten gains. People are using BitCoin for this - but moving your own money with BTC - say as a remittance to family back home is not money laundering. Nor is moving the proceeds of selling a massively over priced Beijing apartment to buy a swath of Vancouver. As problematic as that may be.
Second is that it is important to distinguish the actions of the PBOC. The actions taken in January were about controlling pyramid schemes and speculation. Specifically requiring crypto-currency trades incur fees and prohibiting margin lending and other trading tools that encourage or enable speculation and gambling. After these measures were tested out (and possibly to avoid scandal and problems around huge leveraged positions crashing) transfer of BTC (and in some instances other non-cny currencies) has been halted while exchanges implement new ‘review measures’. It is speculated that these will include limiting withdrawals to ‘registered’ addresses somehow linked to real name registration and licencing in within China.
This is a fast moving and fascinating situation with big technical and social implications. It deserves good coverage.
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No conflicts there!
But it sounds so much cooler than “offshore investing.”
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