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Bitcoin [BTC] will see more inflow as more banks clam down people’s free flow of money, says Bobby Lee

Priya

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Bitcoin [BTC] will see more inflow as more banks clam down people's free flow of money, says Bobby Lee
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Bobby Lee, the CEO of BTCC, one of the biggest Bitcoin exchange platform in China, spoke about money laundering and Bitcoin [BTC], during the Blockchain Cruise conference.

He stated that it is important for people as humans to live in a “free country” and for that, people should have freedom of money. If there is no freedom of money, then there it is just artificial freedom.

This was followed by the CEO speaking about money laundering. He said;

“So, what is money laundering? It turns out, it’s very nebulous. It’s very hard to pin down. It’s like pornography. They’re telling you that, I’ll know it when I see it. But they won’t give you a very strict definition of what is money laundering.”

Bobby continued to speak about his experience when he tried to withdraw cash from an ATM. He stated that he could only withdraw over $800 from his account as this was the limit imposed per day by the bank for consumer protection.

He said:

“… my ATM card for $800 and they ran over $50 bills and they gave e $20 bills. So that’s a lot of $20 bills. So I did some money laundering. I went to the stores in the airport and I say, hey do you have a $100 bill… and some stores actually gave me $100 bills.”

Bobby continued to say that even if this wasn’t money laundering but if the authorities wanted to catch him, then they could call it money laundering. This is because Bobby was exchanging small bills for large bills.

In addition, the CEO thinks that there will not be money laundering in the future as it will not be criminalized anymore. According to him, money transactions should not be criminalized. Instead, the criminals should be caught for the criminal activity such as buying or selling drugs.



Furthermore, Bobby spoke about the hurdles he faced when he tried to cash out over $20,000 from his bank where the CEO was constantly offered cashiers cheque instead of cash. He said:

I have a fortune $2,0000 but it gives me all this trouble because it’s my money but it’s really not my money they have control over … you know on the US sanctions, there’s a lot of trouble for that the bank accounts”

He continued to say that in China, if a person does an OTC transaction for Bitcoin, then he/she is at the risk of having their bank account closed or frozen. This is because the source of the money is not clear. Bobby added that the more the banks do this, more they clam down people’s free flow of money in bank accounts, the more people are going to move their money to Bitcoin [BTC].





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
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Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!



Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!





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