Hong Kong has been in a state of civil unrest since an extradition bill was proposed in February, and protests have intensified in recent weeks.

Essentially, if the extradition bill were passed then Hong Kong natives could be deported to mainland China for any crime. Hong Kong and mainland China have different laws, but this extradition bill would basically nullify Hong Kong laws since people would have to go to court in China instead of Hong Kong.

The fear over the extradition bill has caused capital flight, meaning Hong Kong citizens are trying to move their money offshore to protect it, just in case the extradition bill becomes law.

The bill was withdrawn early last month, but protests have since adopted broader pro-democracy lines and become more sporadic, with yesterday being the most widespread in four months.

Bitcoin is perhaps one of the best ways to move money offshore, since it is instant, secure, and pseudo-anonymous. Indeed, in recent weeks Bitcoin trading volume in Hong Kong on the popular peer to peer exchange Localbitcoins has been rising, with 172.8 Bitcoins worth USD 1.42 million traded in the last week, as opposed to typical volumes before the protests of USD 0.2-0.5 million per week.


BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Satoshi Added to Oxford English Dictionary

The word satoshi has been officially added to the Oxford English Dictionary, which is perh…