Because China is full of cash that can't be used. People may have lots gray money but can't use it.
It's not uncommon to see news where normal traffic accident turns into corruption investigation whey police discovers that lorry involved in the accident was full of cash being transferred. It's permissible to have only ~$50,000 in cash in China.
Bitcoin is still small potatoes in China and elsewhere. Hong Kong banks, underground banks (shadow-bank uses checks drawn on overseas accounts) are still the main gateway to launder money offshore. They move hundreds of billions per year.
The really rich people use overseas mortgages. Buy a house in LA, use yuan deposits and other assets on the mainland as collateral.
It's not uncommon to see news where normal traffic accident turns into corruption investigation whey police discovers that lorry involved in the accident was full of cash being transferred. It's permissible to have only ~$50,000 in cash in China.
Bitcoin is still small potatoes in China and elsewhere. Hong Kong banks, underground banks (shadow-bank uses checks drawn on overseas accounts) are still the main gateway to launder money offshore. They move hundreds of billions per year.
The really rich people use overseas mortgages. Buy a house in LA, use yuan deposits and other assets on the mainland as collateral.