Bitcoin as a Part of Hong Kong Protest

1 min reading
Bitcoin as a Part of Hong Kong Protest

Anti-government protests have been ongoing in Hong Kong for many weeks. As it turns out, one of their elements is to be Bitcoin, and more precisely - its wider introduction.

About the protest

Protests in Hong Kong have been going on since June this year. Their main reason is the policy of the Chinese government, which is increasingly interfering with the autonomy of the region. The greatest impact was caused by the law which allows the extradition of suspected criminals to the PRC. Despite promises to suspend work on these proceedings, the protesters did not stop the demonstration. At the moment protests are ongoing, and nearly 800 people have been arrested, while more than 2,000 have been injured in the commotion.      

Cryptocurrencies are part of the protest

Yahoo! Finance reports that Hong Kong's protests and chaos which has been going on for a long time have caused that companies in the region are starting to use cryptocurrencies more and more boldly. One of them is the Pricerite furniture store. On August 26, it announced that it starts accepting payments in BTCLTC and ETH.

Increased interest in cryptocurrencies has arisen in connection with other forms of economic activity. Protesters called for drawing the largest possible sums of money from bank accounts or exchanging this money for US dollars. This has a dual purpose: firstly, the preventive protection of personal property, and secondly, it will be a warning signal for the central government in Beijing. In addition, it was reported in June that many Hong Kong magnates (with assets exceeding $100 million) began to move their businesses abroad.