While the mainstream media has been skeptical of Bitcoin and other cryptocurrencies, they have always ignored how traditional banking has broken their loyal customer’s trust. Just days after Bank of America (BOA) froze Ex PayPal CFO’s account, HSBC has done the same to one of its corporate accounts in Hong Kong that was reportedly being used to crowdsourced funds to support protestors’ activities.
Since the majority of the citizens of Hong Kong are protesting against China’s authority and police actions, HSBC’s move has disappointed them all.
Five months since the protest started in China’s semi-autonomous region, things have gone violent many times, but no solution has been found yet. The former British Colony has enjoyed more rights than the rest of mainland China for over a century, but now China is trying to increase its authority in Hong Kong. The recent protest started because of a bill that gave the state the power to deport criminals from Hong Kong to Mainland China. Although it was reversed due to growing civil unrest and months of protest, protesters are now demanding full autonomy and an inquiry into police actions.
The bank claims the account was being suspended because it was being used for purposes that were not initially stated in its paperwork. However, unlike the BOA’s closure of Botha’s account, HSBC claims that it gave the owner of the fund-account a 30-days’ notice before shutting it down this week. The account, which is still unnamed, was being used to transfer payments to Spark Alliance HK for their services in legal and medical fees for protesters.
However, crypto developers, legal experts, and traders believe its time people realize that traditional banks are not to be trusted, especially when bitcoin has provided a safer route. Cryptocurrencies can become a potent tool against authoritarian regimes as they offer their users extreme financial liberty, unlike the traditional banks.
Pierre Rochard, the infamous Bitcoin researcher and software developer, has just recently called Bitcoin “the best tool for overthrowing the status quo and introducing a new monetary system.” Anthony Pompliano, the co-founder and partner of Morgan Creek Digital Assets, also emphasized the privileges, mainly being censorship-free, that cryptocurrencies can provide. He said,
I ultimately believe that people are going to opt for something that is not manipulatable, is not seizable, is not censorable, not debasable, etc. And so, I think people are going to continue – slow at first – but over time, more and more people will choose a currency that governments do not control.
Bitcoin will not only help angry protestors secure their funds, but in a time of crisis businesses as well as an individual can save their wealth, or mainly money, without the worry of government interference.
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