Developments

Role of Cryptocurrency in Hong Kong protests

For the past two months, Hong Kong has been on the international spotlight for the protests against the Chinese government. The Hong Kong residents have mobilized themselves to form the biggest protest recorded in china in many years. However, the protests have led to significant growth in cryptocurrency demand in Hong Kong.

With the Chinese government monitoring every street with facial recognition technology, the protesters have resolved to use new tactics to stay out of sight of the police. One of the methods currently employed is the use of laser beams in distracting the authorities.

Among the several things that protesters are protesting against is the use of payment systems to track Hong Kong residents. As a form of retaliation, the youth in Hong Kong have refused to use the Octopus payment system which is centralized, citing that the authorities will use it to track them. The payment system leaves a trail; hence, the police can quickly figure out if one was involved in the protests or not.

With the anonymity and decentralization systems provided by most cryptocurrencies, cryptocurrencies have gotten the chance to play a significant role in the protests. Protesters can now make payments through crypto, which is untraceable by the Chinese government. Bitcoin’s trading volume has rapidly increased since the demonstrations began in early June. The coin has increased a 41% increase in value since the protests began, rising from $8,000 to where it currently trades at 11,359.

Unlike mainland china where cryptocurrency trading is banned, people from Hong Kong can freely use cryptocurrencies. There are more than 25 Bitcoin ATMs in Hong Kong, and in most restaurants, people can use the Pundi X POS terminals to pay for meals.

As the protests continue to scale, it has become clear that cryptocurrency can play a significant role in disrupting cyber protests in the future.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.