China's Crypto Crackdown Could Amplify Concerns Over Financial Privacy
AsiaNet 90271
LONDON, June. 24, 2021 /PRNewswire=KYODO JBN/ --
On Monday, the People's Bank of China (PBOC) ordered four state-owned banks and
the country's leading mobile payment app Alipay to cut off all transactions
linked to Bitcoin and other cryptocurrencies. The statement urged banks and
payment firms to thoroughly check client accounts, identify those involved in
cryptocurrency transactions and promptly cut their payment channels.
Beijing's hard line on crypto, paired with the rollout of the digital yuan,
which allows the PBOC to keep near real-time transaction data of all
individuals and entities using the digital currency, has long been a concern
for many investors, entrepreneurs and businesspeople. The World Wealth Report (
https://e.issuu.com/embed.html?u=newworldwealth&d=gwmr_2020 ) noted China as
the largest exporter of wealthy migrants, with around 16,000 Chinese
millionaires leaving the country in 2019 alone. According to UK-based
investment migration firm CS Global Partners ( http://www.csglobalpartners.com/
), the trend is forecasted to continue increasing.
Wealthy Chinese individuals understand the importance of safeguarding their
financial privacy and assets, says Micha Emmett, the CEO of CS Global Partners.
"Investing in second citizenship remains a highly sought-after commodity to
provide safety and a valid exit strategy and also allow wealth preservation and
financial privacy. In a country like China, that's embroiled in a long trade
war with the US — where economic stability is being threatened, and the
government is pushing for even more monetary access — second citizenship feels
like a necessity."
According to Emmett, a popular option for Chinese HNWIs looking to diversify
their wealth and secure financial privacy is an investment in an economic
citizenship programme like that of St Kitts and Nevis. St Kitts and Nevis'
Citizenship by Investment (CBI) Programme ( https://ciu.gov.kn/ ) is recognised
internationally as a 'Platinum Standard' brand and has been hailed by the
annual CBI Index ( http://www.cbiindex.com/ ) as offering the world's fastest
citizenship timeline. Applicants who pass vetting procedures can obtain
citizenship and thus apply for a passport within three months.
Until the end of 2021, a family of up to four can receive St Kitts and Nevis
citizenship with a contribution of $150,000 to a government fund (
https://www.ciu.gov.kn/the-sustainable-growth-fund/ ) instead of the previous
$195,000. In exchange, investors are awarded citizenship which grants them
rights to live, work and study on the dual island. Economic citizens also
become eligible to travel to nearly 160 countries and territories.
Contact:
pr@csglobalpartners.com
www.csglobalpartners.com
SOURCE: CS Global Partners
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