Hong Kong Residents Still Prefer Using Cash Due to the Privacy Benefits it Offers
Reports indicate that a majority of people living in Hong Kong prefer using cash so as to avoid ‘government tracking’.
Cash transactions reportedly allow people living in HK to hide their “day-to-day movement and personal identities”.
As per a number of reports circulating on Twitter, protestors currently rallying against the existing Hong Kong government are moving towards cash-based payments so as to avoid being tracked by local law enforcement agencies (for expressing dissent against the current regime.)
For those of our readers who may not be aware of this latest development, a lot of HK citizens have recently taken to the streets in order to oppose new legislation that has been passed by the nation’s parliament — called the ‘Extradition Bill’. It is being said that the law will allow the local gov. to extradite citizens to the Chinese mainland on simple suspicion-based charges.
Additionally, in relation to this entire episode, a protestor was recently quoted as saying:
“We’re afraid of having our data tracked,”.
More on the Matter
Over the past 12 months or so, a number of government agencies (across the globe) have declared a ‘war on cash’ so as to stabilize/standardize their national economies. However, these measures have often been seen as ways of centralizing power as well as reducing transparency.
In this regard, it is worth pointing out that in India, the nation’s central banking authority — the RBI — has actively been pursuing a digitization scheme that has been met with a lot of backlash from the masses. However, in Hong-Kong, consumers seem to have understood the various benefits of using cash (since digital tx mediums often raise a lot of privacy concerns.)
With all of this information out there, it should come as no surprise that in the wake of the aforementioned protests, the Hong Kong dollar (HKD) has lost a lot of its intrinsic value. To be even more specific, we can see that since the start of the year, the HK government has spent a little more than $2.8 billion to maintain HKD’s peg with the USD.
“We don’t trust China. Rules and laws can be arbitrarily applied and we can see this in Hong Kong already,”
Other Key Pointers Worth Bearing in Mind
Over the past couple of weeks, BTC trade volumes on LocalBitcoins — a popular P2P crypto exchange platform — have picked up quite dramatically.
As things stand, Hong Kong currently houses the largest number of BTC ATMs within the whole of Asia.
Recently, the winner of Miss Hong Kong 2015 hosted a TV show wherein she tried to throw some light on the popular ‘Bitcoin Time Traveler’ theory.
For those of our readers who may not be aware of the above-stated theory, it is essentially a story propagated by Luke Magnotta who in 2013 claimed to be a time traveler from 2025 and stated that in the future, Bitcoin had created a political dystopia.