Bitcoin adoption soars in Hong Kong amidst protests

Businesses are rapidly adopting cryptocurrency as demonstrations against Chinese interference in Hong Kong enter their 12th week.

Hong-Kong based department store Pricerite announced on Monday that it will now accept Bitcoin, ETH and LTC in all its stores.

Starting immediately, its new concept store at the popular MegaBox shopping centre in Hong’s Kong’s Kowloon Bay area, will convert crypto payments into Hong Kong Dollars (HKD) in real time at its cash registers. With Bitcoin’s Lightning Network that’s possible in a matter of seconds, according to Pricerite.  

Bitcoin Cash is also proving popular among protest supporters, and measures are being taken to further promote the cryptocurrency, as well as to support dissidents. 
Genesis Block operates 14 crypto currency ATMs in Hong Kong, trading under the name “CoinHere.” In July, the ATM operator distributed water paid for with international donations made in Bitcoin Cash. 
The water bottles had a QR code that allowed recipients to donate Bitcoin Cash to fund additional supplies for protestors.

Photo via    TheStar

Photo via TheStar

As a result of the turmoil in Hong Kong, exchange rates are also subject to cryptocurrency premiums, common during times of economic oppression, as has recently been seen in Argentina. As bitcoin demand increases, its price may be over inflated on local exchanges, a phenomenon which has become known in South Korea as the “Kimchi premium.” The premium in Hong Kong on P2P-exchanges can go up to a difference of hundreds of Dollars compared to the BTC price in the rest of the world.

Source: Yahoo! Finance

Johnnie MeijerComment