A former member of the Monetary Policy Committee at the People’s Bank of China believes the ban on China should be reconsidered.
Hong Kong businesses are accelerating the adoption of Bitcoin accepting the cryptocurrency as a means to protest against Chinese interference.
Hong Kong-based department store Pricerite announced earlier this week that cryptocurrencies will be accepted at its new concept store at a Megabox shopping centre:
Department store Pricerite has begun accepting Bitcoin (Lightning), Litecoin and Ethereum at its store at Megabox, a Facebook announcement reads. pic.twitter.com/yIRpxcGcTq
— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) August 26, 2019
As reported by Yahoo, the store will allow cryptocurrency from shoppers by a process of accepting payments made in Hong Kong dollars (HKD) in real-time and converting them to crypto payments. For instant transactions, Pricerite is making use of Bitcoin’s Lightning Network.
Earlier this month, protestors also made moves to transfer masses of Hong Kong dollars for US dollars as a way to display how economic ramifications can occur from government interference.
How Bitcoin ATMs are protesting in Hong Kong
At present, over-the-counter Bitcoin company Genesis Block is operating 14 cryptocurrency ATMs in Hong Kong. Dubbed ‘Coinhere’, the ATMs make use of Bitcoin Cash payments to distribute water bottles which have a QR code. This QR offers Hong Kong citizens a place to make donations towards the protests.
In addition to water bottles, the exchange also distributed umbrellas featuring the Bitcoin symbol to protestors. This acts in reference to the Umbrella Revolution in 2014.