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

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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