Bitcoin Eyes Demand As Hong Kong Protestors Announce Bank Run (#GotBitcoin?)
Bitcoin Is Hoping To Become A Hot Property In Hong Kong.Bitcoin Eyes Demand As Hong Kong Protestors Announce Bank Run (#GotBitcoin?)
The region’s political crisis has swept over its banking sector, which is now seeing protestors withdrawing large bundles of cash out of ATMs.
The move is the latest tactic to reduce People’s Bank of China’s influence on the Hong Kong economy. Protestors have warned that they would withdraw as much Hong Kong dollars (HKG) as they can. They would further exchange their cash holdings for the US dollar as a strategy to protect their assets and to show the Chinese government that they are in full control.
Cryptocurrency evangelists believe the disturbing scenario could fuel bitcoin’s demand in Hong Kong. Influential Twitterati Rhythm Trader said on Wednesday that protestors would eventually want to park their cash in non-sovereign assets like bitcoin.
HK$70 Million Out of Chinese Banks, Already
The Hong Kong student who launched the “peaceful protest” claimed that protestors have already withdrawn more than HK$70 million. Meanwhile, many participants shared their withdrawal receipts on a Telegram channel dedicated to Hong Kong protests, which has over 1,500 members already.
“This may work because Carrie Lam and the PRC care much about the economy,” the Hong Kong student told Insider, adding that he and others like him would stop if the Chinese government fulfills their five demands. They are:
“Completely withdraw the extradition bill; retract the proclamation that the protests were riots; withdraw criminal charges against all protesters; thoroughly investigate abuse of powers by the police; dissolve the Legislative Council by administrative order, and immediately implement dual universal suffrage.”
LIHKG, a Chinese version of social media platform Reddit, saw mounting discussions about the proposed Hong Kong bank run. One of the posts, written by an activist, discussed how the Hong Kong dollars would continue to remain pegged to the US dollar this year. But eventually, a more massive capital outflow would disturb the balance between the two currencies, damaging the HKG.
“If you want to protect yourself, you must first convert most of the assets … in order to maintain value in US dollars or other reliable foreign currency,” the post read.
Bitcoin Trading Up
Chinese banks are likely to push their ATMs out of order to circumvent the protestors’ withdrawal requests. The state could also seize the cash upon arresting its holder on a typical suspicion of causing riots. That has left Hong Kong protestors with a few options to safeguard their money from the police, which is bitcoin.
A portion of money already out of the banking system has landed itself in the emerging cryptocurrency markets, according to LocalBitcoins.com. The peer-to-peer crypto marketplace noted a spike in trading volume coming from the Hong Kong region. Within a few weeks, the volume surged from HK$3 million to HK$6 million. That sparked rumors that Hong Kong wealthies were tunneling their capital offshore by using Bitcoin’s decentralized asset-transfer infrastructure.
The bitcoin trend is hoping to leak down to everyday citizens as they participate in the bank run. Nevertheless, there is no evidence that could prove that they would.
Earlier this month Hong Kong protest leader urged protesters to attack banks by withdrawing their all funds at the same time. This move caused many businesses in the city to turn to bitcoin and other cryptocurrencies. Anti-extradition protests have been going in the city for more than three months now.
Hong Kong departmental store chain Pricerite became the latest business to start accepting payments in bitcoins and other cryptocurrencies. In a Facebook post, the store announced that they have begun accepting bitcoin, Litecoin, and Ethereum.
Use of cryptocurrencies has also benefited the protesters in escaping government surveillance and prepare for further economic turmoil in the city. The main of the bak run was to target Chinese banks. If all people decide to withdraw their funds at the same time, it could cause banks to stop functioning as most of the banks operate using the fractional reserve. However, hong Kong National Party leader Chen Haotian urged people to attack all banks as Chinese banks can also borrow funds from other banks.
Pricerite store is known for supporting the protests by providing different supplies to protestors, including water bottles, umbrellas, and other essential things. As protest escalates and the economy suffers, we can expect more and more businesses to accept cryptocurrencies.
Hong Kong’s SFC Releases Regulations For Crypto Fund Managers
Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), has officially released regulations for crypto fund managers. The SFC published the regulatory circular on its website on Oct. 4.
In the 37-page document titled “Proforma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets,” the SFC provided terms and conditions for corporations managing portfolios that invest in virtual assets.
Organization And Management Structure
According to the document, virtual asset fund managers in Hong Kong should always maintain liquid capital of a minimum of 3 million Hong Kong dollars ($383,000) and its variable required liquid capital.
The SFC advised managers to have sufficient human and technical resources for the proper performance of duties as well as to adopt risk management and compliance policies, as well as policies for Anti-Money Laundering and Combating the Financing of Terrorism.
In order to ensure the safety of fund assets, the SFC also requires crypto fund managers to appoint a functionally independent custodian. The regulator emphasized that a virtual asset fund manager should ensure its fund assets are segregated from its own assets, as well as assets of other clients, unless fund assets are held in an omnibus client account.
If a manager receives fiat currency on behalf of the fund, one or more segregated bank accounts should be set up for holding clients’ money, the SFC stated. Bank accounts should be established and maintained with an authorized financial institution in Hong Kong or a bank in a jurisdiction agreed to by the SFC, the document notes.
Additionally, the virtual asset fund manager should evaluate the features of diverse custodial arrangement, including hardware and software infrastructure, security controls over key generation, storage, management and transaction as well as the process of handling blockchain forks, the agency stated.
As reported, Hong Kong has established itself as one of the most progressive jurisdictions for cryptocurrencies and blockchain, as the country is one of the leading countries according to the number of registered digital currency exchanges. Earlier this year, the SFC issued guidance on security token offerings, intending to bring more clarity about the legal and regulatory requirements for the market.
Non-Seizability of Bitcoin Very Attractive For Hong Kong: Pompliano
Bitcoin’s (BTC) use as a protector of wealth is coming to the fore in Hong Kong as trading volumes spike and businesses iron out problems with acceptance.
Trading record underscores Bitcoin’s “non-seizability”
As multiple commentators including Morgan Creek Digital co-founder Anthony Pompliano noted this week, Bitcoin is a genuine solution for Hong Kong residents worried about monetary sovereignty.
“When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive. This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong,” he tweeted on Oct. 6.
Pompliano was writing days after China’s 70th state anniversary protests, as big as any in the democracy movement’s 18-week history, were met with a forceful reaction from the government.
In the face of a crackdown on civil liberties via emergency powers, monetary freedom also took a hit, with worried residents forming queues at ATMs.
Hong Kong saw a giant spike in trading on P2P Bitcoin exchange Localbitcoins, seeing 12.3 million HKD ($1.57 million) change hands in the week ending Sept. 28.
Hong Kong Free Press Escapes ‘Clutches of BitPay’ — Switches to BTCPay
Local entities eyeing possibilities for escaping the grip of authorities had already considered Bitcoin, but it was the teething problems that hit the headlines.
As Cointelegraph reported, the Hong Kong Free Press (HKFP) had complained about payment processor BitPay failing to pass on donations to its cause.
BitPay blamed the banking system, sparking a debate about the irony of relying on fiat via third parties in order to use Bitcoin.
As of Oct. 10, however, the HKFP had resolved the issue, founder Tom Grundy revealed — by switching to open-source alternative BTCPay.
“HKFP has escaped the clutches of BitPay and… now accepts Bitcoin again via BTCPay,” he confirmed.
Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As,Bitcoin Eyes Demand As
Bitcoin Information & Resources (#GotBitcoin?)
Crypto News From The Spanish-Speaking World (#GotBitcoin?)
Financial Services Giant Morningstar To Offer Ratings For Crypto Assets (#GotBitcoin?)
‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)
The Original Sins Of Cryptocurrencies (#GotBitcoin?)
Bitcoin Is The Fraud? JPMorgan Metals Desk Fixed Gold Prices For Years (#GotBitcoin?)
Israeli Startup That Allows Offline Crypto Transactions Secures $4M (#GotBitcoin?)
[PSA] Non-genuine Trezor One Devices Spotted (#GotBitcoin?)
Bitcoin Stronger Than Ever But No One Seems To Care: Google Trends (#GotBitcoin?)
First-Ever SEC-Qualified Token Offering In US Raises $23 Million (#GotBitcoin?)
You Can Now Prove A Whole Blockchain With One Math Problem – Really
Crypto Mining Supply Fails To Meet Market Demand In Q2: TokenInsight
$2 Billion Lost In Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims (#GotBitcoin?)
Fed Chair Says Agency Monitoring Crypto But Not Developing Its Own (#GotBitcoin?)
Wesley Snipes Is Launching A Tokenized $25 Million Movie Fund (#GotBitcoin?)
Mystery 94K BTC Transaction Becomes Richest Non-Exchange Address (#GotBitcoin?)
A Crypto Fix For A Broken International Monetary System (#GotBitcoin?)
Four Out Of Five Top Bitcoin QR Code Generators Are Scams: Report (#GotBitcoin?)
Waves Platform And The Abyss To Jointly Launch Blockchain-Based Games Marketplace (#GotBitcoin?)
Bitmain Ramps Up Power And Efficiency With New Bitcoin Mining Machine (#GotBitcoin?)
Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)
Miss Finland: Bitcoin’s Risk Keeps Most Women Away From Cryptocurrency (#GotBitcoin?)
Artist Akon Loves BTC And Says, “It’s Controlled By The People” (#GotBitcoin?)
Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)
Co-Founder Of LinkedIn Presents Crypto Rap Video: Hamilton Vs. Satoshi (#GotBitcoin?)
Crypto Insurance Market To Grow, Lloyd’s Of London And Aon To Lead (#GotBitcoin?)
No ‘AltSeason’ Until Bitcoin Breaks $20K, Says Hedge Fund Manager (#GotBitcoin?)
NSA Working To Develop Quantum-Resistant Cryptocurrency: Report (#GotBitcoin?)
Custody Provider Legacy Trust Launches Crypto Pension Plan (#GotBitcoin?)
Vaneck, SolidX To Offer Limited Bitcoin ETF For Institutions Via Exemption (#GotBitcoin?)
Russell Okung: From NFL Superstar To Bitcoin Educator In 2 Years (#GotBitcoin?)
Bitcoin Miners Made $14 Billion To Date Securing The Network (#GotBitcoin?)
Why Does Amazon Want To Hire Blockchain Experts For Its Ads Division?
Argentina’s Economy Is In A Technical Default (#GotBitcoin?)
Blockchain-Based Fractional Ownership Used To Sell High-End Art (#GotBitcoin?)
Portugal Tax Authority: Bitcoin Trading And Payments Are Tax-Free (#GotBitcoin?)
Bitcoin ‘Failed Safe Haven Test’ After 7% Drop, Peter Schiff Gloats (#GotBitcoin?)
Bitcoin Dev Reveals Multisig UI Teaser For Hardware Wallets, Full Nodes (#GotBitcoin?)
Bitcoin Price: $10K Holds For Now As 50% Of CME Futures Set To Expire (#GotBitcoin?)
Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)
Stablecoins Begin To Look Beyond The Dollar (#GotBitcoin?)
Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)
Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)
The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)
CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)
SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)
SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)
You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)
Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)
Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)
Would Blockchain Better Protect User Data Than FaceApp? Experts Answer (#GotBitcoin?)
Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)
What Are The Biggest Alleged Crypto Heists And How Much Was Stolen? (#GotBitcoin?)
IRS To Cryptocurrency Owners: Come Clean, Or Else!
Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)
Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)
Bakkt Announces September 23 Launch Of Futures And Custody
Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)
Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)
Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)
A Case For Bitcoin As Recession Hedge In A Diversified Investment Portfolio (#GotBitcoin?)
SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)
15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)
US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)
Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)
Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)
Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)
Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)
Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)
Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)
Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)
Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)
Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)
Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)
Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)
Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?
1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)
Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)
Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)
Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)
Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)
TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)
Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)
Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)
China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)
More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)
Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)
Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)
Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)
“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)
Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)
Cryptocurrency Startups Get Partial Green Light From Washington
Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)
Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)
The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)
Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)
US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)
US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)
EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)
The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)
Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)
Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)
Blockchain And AI Bond, Explained (#GotBitcoin?)
Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)
XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)
Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)
As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)
Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)
‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)
Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)
Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)
Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)
Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)
Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)
Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)
Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)
World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)
Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)
Another Crypto Exchange Receives License For Crypto Futures
From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)
These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)
Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)
Quantum Computing Vs. Blockchain: Impact On Cryptography
This Fund Is Riding Bitcoin To Top (#GotBitcoin?)
Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)
Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)
Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)
You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)
Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)
Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)
Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)
Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)
Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)
Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)
JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)
Is There A Big Short In Bitcoin? (#GotBitcoin?)
Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes
Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)
There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)
You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)
North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)
Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)
Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)
Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets
Why Bitcoin’s Price Suddenly Surged Back $5K (#GotBitcoin?)
Zebpay Becomes First Exchange To Add Lightning Payments For All Users (#GotBitcoin?)
Coinbase’s New Customer Incentive: Interest Payments, With A Crypto Twist (#GotBitcoin?)
The Best Bitcoin Debit (Cashback) Cards Of 2019 (#GotBitcoin?)
Real Estate Brokerages Now Accepting Bitcoin (#GotBitcoin?)
Ernst & Young Introduces Tax Tool For Reporting Cryptocurrencies (#GotBitcoin?)
Recession Is Looming, or Not. Here’s How To Know (#GotBitcoin?)
How Will Bitcoin Behave During A Recession? (#GotBitcoin?)
Many U.S. Financial Officers Think a Recession Will Hit Next Year (#GotBitcoin?)
Definite Signs of An Imminent Recession (#GotBitcoin?)
What A Recession Could Mean for Women’s Unemployment (#GotBitcoin?)
Investors Run Out of Options As Bitcoin, Stocks, Bonds, Oil Cave To Recession Fears (#GotBitcoin?)
Goldman Is Looking To Reduce “Marcus” Lending Goal On Credit (Recession) Caution (#GotBitcoin?)
Our Facebook Page
Your Questions And Comments Are Greatly Appreciated.
Monty H. & Carolyn A.