Soak meat in water to get rid of smell? Some of my Asian friends soak their beef stew meat in water or even boil it to "get rid of the blood and the bad smell", as they say.

It is my understanding that the red juices in the meat is not blood but myoglobin. The cow has been drained for day, extracting all the blood from the capillaries, so there should not be any blood left.

Why do they believe that they are getting rid of bad smell and blood?
Are there differences in the way animals are slaughtered in Asia compared to the West?
They may be using beef round, precut stew meat almost always is, unless otherwise marked. 
It has a livery taste and odor some people find objectionable.
Generally the more work a muscle does the better it tastes, the round comes from the rear leg and rump, the least exercised muscles of a cow.
Probably has nothing to do with the blood, but hopefully someone can enlighten us to exactly where the funk comes from.