Ex-Citi Trader’s Bitcoin Exchange Skirts Currency Curbs

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It was after Arthur Hayes got laid off from Citigroup Inc. in 2013 that he stumbled opposite one of a simplest ways to make income he’d ever seen. He was vital in Hong Kong and saw a cost of bitcoin opposite a China limit was most higher. He hopped on a bus, non-stop a China comment and started shopping low in one marketplace and offered high in a other. “It was too easy,” he says.

The cost inequality eventually disappeared, though it gave him an idea: He could make some-more income if he gave others a means to take advantage of identical trade opportunities between countries. So in early 2014, he started the Bitcoin Mercantile Exchange with dual friends. The goal is to emanate an establishment like a Chicago Mercantile Exchange that will let people use a cryptocurrency to gamble on bonds not simply permitted in their home markets, generally China. 

China restricts a ability of companies and people to sell their yuan for other currencies, partial of a government’s plan for handling the economy. That can make it difficult and costly for adults to deposit in abroad securities, while unfamiliar investors face restrictions in trade China stocks. Hayes’ thought is

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