Earlier quoted context omitted.
That doesn't make sense. If the only reason is to get away from the Euro, why buy bitcoins, a very volatile, cutting-edge currency, when you can just as easily (or more easily actually) buy any other currency such as dollars, or swiss francs, and your savings will actually be safe, as opposed to bitcoin that could lose 20% of its value overnight.
There are capital controls in place in Cyprus, it's illegal to move more than a certain amount of money out of the country. Thus you can't just move your money to CHF or USD. Clearly, if you need to move illicit funds around, Bitcoin is a reasonable way to do that.
The Bitcoin and the Taxi driver
21–22 of 22 posts
Re: The Bitcoin and the Taxi driver
#22Earlier quoted context omitted.
There are capital controls in place in Cyprus, it's illegal to move more than a certain amount of money out of the country. Thus you can't just move your money to CHF or USD. Clearly, if you need to move illicit funds around, Bitcoin is a reasonable way to do that.
Why wouldn't you be able to just go to an exchange office and buy CHF or USD? If you have access to your money, which I'm assuming you do, else you can't buy bitcoins anyway, there's really no reason why you wouldn't be able to exchange it in another currency.
a) it's illegal to 'just go to an exchange office and buy CHF or USD'. Literally can't do that at the moment
b) You can still buy bitcoins from people inside Cyprus
c) then you can convert them back at some later date, to whichever currency you prefer, outside the currency control area.