In Hong Kong emerged at the weekend, long queues in front of ATMs wait, because cash payouts in part no longer possible. The supply of cash seemed to be for many people at risk and caused some panic among the citizens. Might have something to do with the Chinese government, something to do with it? All of the backgrounds you will find in this article.
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Cause unclear: influence by the Chinese government?
The Chinese special administrative region has been struggling for months with the opposition protests. This calls for, among other things, the resignation of the head of government, Carrie Lam, and more independence from mainland China. The Chinese government, the democratic protests are a thorn in the eye, and this has been threatened several times if necessary, to intervene militarily.In addition to the physical violence of the state, is the monetary policy one of the most important factors of Power: The local Fiat currency, the “Hong Kong Dollar” but falls under the sovereignty of Hong Kong. This ensures Hong Kong together with a democratic state apparatus of China.
Run on banks: ATMs out of money across Hong Kong. Many queuing up to withdraw. Many have run out of cash. #Hong Kong protest #AntiELAB #free Hong Kong, should we all line up at ATMs as an act of civil disobedience?Source LIHKG pic.twitter.com/DtC9c0toUi— Hong Kong World City ? ? ? ☔ the iPhone app (@HKWORLDCITY) October 5, 2019
A few weeks ago Hong Kong’s chief Secretary Carrie Lam had to admit publicly that she has no control over the island state. The “Hong Kong Monetary Authority” has one of the largest foreign exchange reserves in the world. (445 billion USD, ranked 6 in the world rankings) This raises the question of how a modern city with tremendous cash reserves, the cash can run out of results.Suspicious is also that since the beginning of the month a new managing Director of the Hong Kong Central Bank is in the office. Eddie, W. M. Yue could be just as Carrie Lam, under pressure from Beijing and, for example, amounts of Cash are restricted. However, this is speculation and not proven.Trade on the most successful Crypto-exchange. If you’re looking for a reputable point of contact, to act with real crypto currencies, then take a look at our Binance Test 2019! In this article, we have analyzed all the features and benefits of the crypto-exchange in more detail and evaluated. The most the most popular crypto-stock exchange today! Now on Binance sign up.
Bitcoin demand is increasing explosively
The uncertainty of the citizens could have from the cash to the trust in the Hong Kong Dollar. Good to see this Trend to the explosive increase in the demand for Bitcoin is. The trading volume of Local Bitcoin reached a new all-time high in Hong Kong.Bitcoin seems to be a opportunities for people who want to escape the control of the banks and government systems. With the Internet, the decentralization of information with Bitcoin, the decentralization of the monetary systems could be looming.Wishes to engage the Chinese government on the monetary policy put pressure on the democratic movement? Can Bitcoin be a solution for this? Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)