Is overseas withdrawal really that good?

Many critics start ranting about safe withdrawals going overseas or to Hong Kong, and they don't even have a single coin in their pockets. They get all excited over chaotic hype articles.

You can think of cryptocurrency trading as transactions in an underground black market, which is not protected within the country. This means it is basically unregulated, as long as it is not illegal, it can exist reasonably.

So for all underground transactions, the important thing is not the method, but the channel.

Understand this sentence: you can see in movies and TV shows those segments selling white powder props, arms, raw materials, etc. Most of the problems arise from insiders; issues in the upstream channels.

If the channel is not problematic, you and your buddies can play whatever you want, and it will be safe.

One point that many people do not understand is: what exactly are the bosses regulating in cryptocurrency? Do you think they are just regulating your few transactions?

If you buy a few bitcoins and throw them into a pond to let them drift, they won't care at all; instead, they are regulating the outflow of funds. So why did the Supreme Court clearly tell you: virtual currency has property value, and it is not illegal for individuals to hold virtual currency.

At first, you insist on figuring out how to transfer funds overseas, right?

The property is in your hands; to put it nicely, it can be called promoting internal circulation, but to put it bluntly, it makes you a "picking up the pieces" guy. Have you not seen the stock news these days? The number of stocks sold by large institutions cannot exceed the number of stocks bought.

Financial regulation is what needs to be regulated; you think trading a few coins is harmless to society, but if you can complete a process, if you can trade one dollar, then those with channels and capabilities will add countless zeros to your one.

Recently, the State Administration of Foreign Exchange has introduced a new regulation aimed at requiring banks to mark high-risk transactions, especially those involving cross-border transactions of Bitcoin and other cryptocurrencies. This move is expected to increase the difficulty for investors to participate in Bitcoin and other digital asset trading. Banks will strengthen monitoring and reporting of "high-risk foreign exchange trading behaviors," which include underground banks, cross-border gambling, and illegal cross-border financial activities involving cryptocurrencies.

This regulation targets banks nationwide and requires them to track such high-risk activities based on factors such as the identity of the institutions and individuals involved, the source of funds, and transaction frequency.

In addition, regulatory agencies have clearly stated that banks must develop risk control measures for these high-risk entities and restrict the provision of specific services to them. Specifically, the new regulation requires banks to comprehensively track the identity information, source of funds, and transaction patterns of the individuals and entities involved to ensure compliance.

However, the entire society's understanding of the importance of the cryptocurrency industry is gradually deepening; it cannot be eliminated, so regulation can only be strengthened.

It's fine for your kids to play at home, but if you want to find a way to take your toys to the neighbor's house, and your kids have nothing left at home, will the adults in your house not scold you?

Retail investors should not think about going overseas to withdraw funds when a bull market arrives. This is a red line; ultimately, you will definitely be put on a blacklist. Find a safe channel for yourself, and do not touch the bottom line. No one cares how much money you make, as long as you do not receive funds from fraud.

This is the resource of the channel. There are many in this society; you can bring in toys from other people's homes, but you cannot take your own toys out. Can you understand this sentence?

Either you circulate internally, or you can sell digital currency, but the money cannot go out. So many retail investors ask when they start trading, "What is the exchange rate today? What am I exchanging for?" Are you playing foreign exchange? Or what? Are you turning a product into something international? Have you exchanged currency? This is an extremely dangerous place; when you are pressed, the term "exchange rate" will definitely appear multiple times in your records.

If you go to the market to sell a basket of homegrown vegetables, you can honestly set up a stall and sell them for 7 yuan a pound. But you insist on making it international, and you have to put a QR code in front of the vegetable basket showing real-time international exchange rates marked in US dollars?

Don't go against the rules; just comply with the market management's regulations at the market. Set up your stall where they tell you to, and pay the cleaning fee properly. Have you seen "Crazy Racing"? Gao Qiqiang was executed for not obeying the market management's stall scheduling when he was selling fish; it was all over the news.

Retail investors basically cannot handle overseas withdrawals. Here, we are talking about retail investors with just a few coins in their pockets; don't consider these channels. The cost of building a channel is much more than the little principal you have.

If you really want to rack your brains to build an overseas channel, a BVN identity plus a Singapore bank card will do, of course, you can also use a Hong Kong bank card. It will still cost several thousand yuan; you say spending this several thousand is not very meaningful.

Each person must match their actual situation; it's not about learning from some big shot and thinking you can just go abroad. It will only lead to more problems.

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