HSBC Closes ATMs in Hong Kong, Bitcoin Fixes This

where authoritarian regimes have taken full control. The protesters in Hong Kong are also relying on the cryptocurrency to escape the surveillance of the government.” — Milli (@melisandrePro) January 1, 2020

Hong Kong is a Bitcoin powerhouse behind the scenes. The region hosts 155 Bitcoin nodes – a significant network that cannot be censored lightly. In fact, Hong Kong is the 12th largest hot spot for Bitcoin’s network, surpassed by only the largest markets and regions. In other related news, it was recently announced that Spark Alliance had had its bank accounts frozen over alleged money laundering concerns. The group, which reportedly provided support to protestors, had HK$70 million put on ice by local police.

Another form of censorship, no wonder people have been withdrawing cash and moving money out of Hong Kong bank system altogether. Who knows when your assets will be frozen (just because you don’t agree with the views of Hong Kong authorities).. — Matt Andrews (@MattAnd46249664) December 19, 2019

Monetary repression is one of the reasons for attempted economic exits from the country, and owning bitcoin may be one alternative to the recent HSBC clamp down. What do you think about access to funds and BTC in Hong Kong? Share your thoughts in the comments section below!

Images via Shutterstock, Twitter @mattAnd46249664 The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/hsbc-closes-atms-in-hong-kong-bitcoin-fixes-this/

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