Hong Kong Refund Law Debates Work for Bitcoin (BTC)!
In Hong Kong, hundreds of thousands of people took to the streets, despite the postponement of the legal arrangement that facilitated the extradition of suspects to mainland China. There is serious unrest in the country at the moment and the demonstrators want the legal regulation to be completely canceled. In addition, protesters call for the resignation of Hong Kong Special Administrative Region leader Carrie Lam.
According to Reuters, some Hong Kong businessmen are taking their wealth out of the country via personal off-shore because they are concerned about the legislation that facilitates extradition to mainland China.
People Turn to Bitcoin (BTC) Since protests began, Bitcoin prices in the country have traded 75 to 100 dollars above Bitcoin’s global price average. Moreover, Hong Kong has recently faced major liquidity problems due to trade tensions between China and the United States. Hong Kong citizens fear that the adoption of such a law would trigger higher capital outflows and thus the liquidity problem would grow further.
The protests in Hong Kong led to a huge increase in Bitcoin trade in Hong Kong, as evidenced by data from LocalBitcoins. So much so that the price of Bitcoin in Hong Kong rose from the global value of the leading crypto currency to over $ 100. BTC / HKD trading volume is increasing day by day and people who want to escape the increasing economic uncertainty are turning to Bitcoin.
Even though the legislation has been postponed for the time being, Hong Kong officials reportedly want to send the legislation again to the legislature for approval.
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