Will Hong Kong consider Bitcoin?

[lionheart78]

Will there be a possibility of Hong Kong seeking to adopt Bitcoin as a legal tender since they seem to be a Bitcoin friendly state and it's acceptance can help reduce the Chinese government's dominance on them.

There is always a possibility that Hong Kong will adopt Bitcoin as long as its leaders decided it, and I don't think that adopting Bitcoin will reduce the Chinese government's dominance on them for the reason that Bitcoin cannot solve any political dispute.

What's your take on this? https://bitcoinmagazine.com/culture/bitcoin-can-free-hong-kong-from-china

It is an overstatement.  Bitcoin is not a tool to free any territory from a certain government.  Bitcoin isn't made for that, IMO.  People sure have wide imaginations and always have reason to link two unrelated stuff.

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[poldanmig]

I dont think so the use of the bitcoin will help them with the current state of their country but it is just another way of adaptation into the way of technology and innovation with their trasantions like making more convenient to their people at the same time but if we talk about their whole total economy i guess it does not bring too much impact.

Implementing bitcoin in the region might be the right solution in their economic development, but I think it will be very difficult to do because Hong Kong is still under China control, the only way for Hong Kong to regulate their economy, especially crypto, of course they have to be right Free from China, I think that even though Hong Kong has the right to take all decisions on the use of crypto in their territory, China will clearly have power over the implementation or not of the decision, because so far China is a country that is openly and also strong in rejecting the use of crypto. especially bitcoins.

[Fortify]

On the occasion that took place in 2019 in Hong Kong where it's inhabitants took to the streets to speak against the aggressive and excessive control exercised over them by China, citizens feel they are being robbed of their rights on being a sovereign nation and this action has been exacerbated by the COVID-19 pandemic and it's resultant attempts to curb it's spread by the Chinese government who imposes stringent measures as support from the West were not forthcoming..

As a result of these actions by China, Hong Kong seem to struggle with their economy and this matter is made worse as their currency looks to be tied to that of the dollar.
 The Hong Kong Monetary Authority are striving to keep their currency to trade at HK 7.75 or at most HK 7.85 to the dollar. But at the rate the dollar interest rate is increasing, it's hard for the Hong Kong currency to keep up.
 Will there be a possibility of Hong Kong seeking to adopt Bitcoin as a legal tender since they seem to be a Bitcoin friendly state and it's acceptance can help reduce the Chinese government's dominance on them. What's your take on this? https://bitcoinmagazine.com/culture/bitcoin-can-free-hong-kong-from-china

Hong Kong is just China now, it has exactly zero independence and it's absolutely pointless them even bothering with a separate currency right now. The only reason they have kept a separate currency is the government in China wishing to extract as much remaining juice out of that economic arrangement as possible. The Yuan is heavily controlled, in theory the Hong Kong dollar is still a respected currency but the CCCP has complete control over it and just leverages for economic benefit until it becomes as untrusted as the Yuan. It allows them to strike trade agreements that might otherwise look disadvantageous because China is known for devaluing their currency in order to get an advantage.

[teosanru]

On the occasion that took place in 2019 in Hong Kong where it's inhabitants took to the streets to speak against the aggressive and excessive control exercised over them by China, citizens feel they are being robbed of their rights on being a sovereign nation and this action has been exacerbated by the COVID-19 pandemic and it's resultant attempts to curb it's spread by the Chinese government who imposes stringent measures as support from the West were not forthcoming..

As a result of these actions by China, Hong Kong seem to struggle with their economy and this matter is made worse as their currency looks to be tied to that of the dollar.
 The Hong Kong Monetary Authority are striving to keep their currency to trade at HK 7.75 or at most HK 7.85 to the dollar. But at the rate the dollar interest rate is increasing, it's hard for the Hong Kong currency to keep up.
 Will there be a possibility of Hong Kong seeking to adopt Bitcoin as a legal tender since they seem to be a Bitcoin friendly state and it's acceptance can help reduce the Chinese government's dominance on them. What's your take on this? https://bitcoinmagazine.com/culture/bitcoin-can-free-hong-kong-from-china

If Hong Kong dollar will struggle against the USD(which almost every currency in the world is right now), won't it be a practical solution to adopt the USD only as your currency instead of anything else? This will remove the headache of making export payments by converting your local currency to USD and also remove the risk element here, because if the price of bitcoin falls, HK would be in an even bigger problem than what it is currently having with HKD as it's currency, so to be honest bitcoin is not going to be such an easy solution to implement.

[darkangel11]

I'd love them to do it but I don't see it happening anytime soon because of strict policies in China. China is against all freedoms and they've been working for many years to stop people from taking their money and migrating. If I remember correctly there was a thing with rich people trying to move money out of China via Bitcoin in 2014 and 2015 which is why China banned banks from providing services to casinos and other crypto businesses.
Eventually all these restrictive governments will fall. People aren't born to be slaves and you can treat them as such only until they snap and go after you. This is how all dictatorships end sooner or later.

[iv4n]

I guess Taiwan will do it before Hong Kong!?

China decided to put their claw on them and that's it! That "umbrella" movement didn't do much... now we can see Hong Kong doing anything that Beijing demands! And knowing China and their propaganda I don't believe in anything they say!

...
Eventually all these restrictive governments will fall. People aren't born to be slaves and you can treat them as such only until they snap and go after you. This is how all dictatorships end sooner or later.

I can only hope I will be alive to see how they fall!!!

But odds are not in my favor, in my experience one dictatorship replaces another, like on default!

[adzino]

I doubt they will consider bitcoin as a legal tender. Even though they have their own financial and economic system and they can impose their own rules and regulation, the Chinese government won't be happy about this and will somehow cause trouble and extort Hong Kong into not making bitcoin a legal tender.

Reduce Chinese dominance?
Do you know the full name of Hong Kong?
It's Hong Kong Special Administrative Region of the People's Republic of China you're talking about reducing the influence of a country within its own borders? How does that work?
-snip-

Hence the "Special Administrative Region". They share the border with mainland China but the mainland China shouldn't have any influence in their governing system, yet they still do because you know.. it's China.

[Gyfts]

Bitcoi does not solve economic decline or inflation, so it cannot hello rescue the financial situation in Hong Kong.
Bitcoin has utility as a currency and can be used by the citizens to attain some sort of freedom and autonomy, particularly following recent news of banks in China withholding public funds.

On the national stage, Bitcoin would not have much of an impact on the countries economy and being used as a legal tender would not encourage wide spread adoption, as there are not many physical outlets accepting it.

Bitcoin won't save a currency, but IMO it can save an economy because poor fiscal policy results in high inflation and/or high debt will usually cause an economic recession when interest rates inevitably rise or whenever the country defaults on the debt. Granted, if an economy is already crashing with mounting debt, switching to Bitcoin is not going to magically relieve the country of its liabilities. It would just allow for the hole not be dug deeper.

I'm convinced the 2008 global economic crash would have had a quicker recovery had the the U.S. and EU not decided to pour hundreds of billions at the private enterprises that caused the crash in the first place. Bitcoin wouldn't allow the government to spend funds they don't have. Would've certainly made institutional lenders more cautious about handing loans out.

[Zilon]

On the occasion that took place in 2019 in Hong Kong where it's inhabitants took to the streets to speak against the aggressive and excessive control exercised over them by China, citizens feel they are being robbed of their rights on being a sovereign nation and this action has been exacerbated by the COVID-19 pandemic and it's resultant attempts to curb it's spread by the Chinese government who imposes stringent measures as support from the West were not forthcoming..

The demonstration of Hong kong on the streets were not born out of mere feelings. This are Citizens who the Chinese use excessive force on and applied an aggressive legislative take over which is against the Hong Kong's Basic law

As a result of these actions by China, Hong Kong seem to struggle with their economy and this matter is made worse as their currency looks to be tied to that of the dollar.
 The Hong Kong Monetary Authority are striving to keep their currency to trade at HK 7.75 or at most HK 7.85 to the dollar. But at the rate the dollar interest rate is increasing, it's hard for the Hong Kong currency to keep up.
 Will there be a possibility of Hong Kong seeking to adopt Bitcoin as a legal tender since they seem to be a Bitcoin friendly state and it's acceptance can help reduce the Chinese government's dominance on them. What's your take on this? https://bitcoinmagazine.com/culture/bitcoin-can-free-hong-kong-from-china

Bitcoin can be a hedge on the dying economy. The fact is as the Chinese strengthens their control over the Hong Kong territory they will make moves to shift their currency from been tied to the USD but the CNY. Or possibly their digital e-CNY. The only way of avoiding this possible threat is to protect their economy by massively adopting Bitcoin and giving each citizens the right to become their own bank.

[darewaller]

On the occasion that took place in 2019 in Hong Kong where it's inhabitants took to the streets to speak against the aggressive and excessive control exercised over them by China, citizens feel they are being robbed of their rights on being a sovereign nation and this action has been exacerbated by the COVID-19 pandemic and it's resultant attempts to curb it's spread by the Chinese government who imposes stringent measures as support from the West were not forthcoming..

The demonstration of Hong kong on the streets were not born out of mere feelings. This are Citizens who the Chinese use excessive force on and applied an aggressive legislative take over which is against the Hong Kong's Basic law

That's the problem, when a nation decides that they want to be independent and when another nation decides that they want to get over it, then there will be civil war and it’s expected.

This is why I believe that we shouldn't be shocked that when Hong Kong decided to go against China, crypto would definitely be something that could help them and did help them, why and how? Because they didn't want to keep their money in banks that could turn the control over the Chinese, and that means we are talking about crypto helping with decentralization to move the money around without anyone getting their hands on it and that is why it is the greatest helper to anyone who is going against dictatorships.

[2stout]

Hard to really see this happening due to the current thick tension between the 2, in addition to Bitcoin already being banned in China.  This could be the proverbial straw that breaks the camel's back and cause all hell to break loose.

[edgycorner]

CCP butchered Hong Kong's economy. HK used to have the most open and free market before CCP couldn't keep their nose away.

They don't need bitcoin, they need god. HK is done. Their leader is on China's payroll(Pikachu aka John Lee)   Forget about it. CCP holds all the cards now.

HK did see a rise of reforms, when they were protesting but then covid came(how convenient) and CCP took advantage of the situation.

I won't be surprised if this recent development in Hong Kong is the reason for Taiwan taking such pro-independence stance now.

[stompix]

Hence the "Special Administrative Region". They share the border with mainland China but the mainland China shouldn't have any influence in their governing system, yet they still do because you know.. it's China.

No influence, right?  
Do you know how the last elections for the governor (Cheif Executive) went?

Former Chief Secretary John Lee is the sole candidate approved by the central government of China in the election and the only candidate to be nominated.[4][5] He was approved with 1,416 electoral votes (99.44% of the votes).

There are 20 000 PLA soldiers right now in Jong Kong, up from 10 000, the PLA has its own building in the middle of the town, they have moved 4 corvettes there in the port, no influence, lol! Keep dreaming about "special region".

People more than obviously have completely wrong ideas about some things, and such assumptions are not only wrong, but also completely meaningless, considering that HK is a part of China that somehow has a special status. It would make more sense (although not much more) if such a question was raised regarding Taiwan, although Bitcoin cannot be the ultimate solution for any country in the sense that that country can expect some kind of spectacular progress as we see in the example of El Salvador.

This got me thinking, I am now almost certain that a lot of users are just mistaken Taiwan with Hong Kong, otherwise, I don't see why some would claim it's a country that can make its own decisions. That aside, I wouldn't call Salvador's progress, "spectacular either, a step in the right decision, yeah, but the results are yet to be seen.

[SirLancelot]

I dont think so the use of the bitcoin will help them with the current state of their country but it is just another way of adaptation into the way of technology and innovation with their trasantions like making more convenient to their people at the same time but if we talk about their whole total economy i guess it does not bring too much impact.

Implementing bitcoin in the region might be the right solution in their economic development, but I think it will be very difficult to do because Hong Kong is still under China control, the only way for Hong Kong to regulate their economy, especially crypto, of course they have to be right Free from China, I think that even though Hong Kong has the right to take all decisions on the use of crypto in their territory, China will clearly have power over the implementation or not of the decision, because so far China is a country that is openly and also strong in rejecting the use of crypto. especially bitcoins.

Hongkong is a part of china but according to what I read is that they have a separate government. China's government can ban cryptos but hongkong can adopt it. It is said that hongkong is having problem with their currency that it is tied with the dollar. Maybe cryptos can really help them because it is a currency which is independent. If it happens then we are going to witness the fourth country who made btc a legal tender.

Yes, they need to do that in order for the cryptos to be effective as their main currency. To the issue related to covid, I think that was fixed? Since the effect of the covid is hardly being felt right now and as we can see other countries are back to normal again.

[arwin100]

Just because their are current struggle happening to their country then you think it will be solve by bitcoin? There's still a lot of consequences on it since if you look at current state of El Salvador right now maybe you can figure out and give some thoughts that they might not expect a lot from bitcoin especially if they bought at the wrong placr and bitcoin start to dump. There are some factors that bitcoin could really help but it needs more proper long studies before they can enjoy the huge benefits on this technology.

[tippytoes]

Hard to really see this happening due to the current thick tension between the 2, in addition to Bitcoin already being banned in China.  This could be the proverbial straw that breaks the camel's back and cause all hell to break loose.

This is what I am thinking as well. It seems China won't totally let go of HK. So it may be the hindrance when it comes to bitcoin adoption as China is banning the usage of crypto. Well, we will see how far the banning will go. Because HK is somewhat independent and they are more open to change and other technological advancement.

[KennyR]

Just because their are current struggle happening to their country then you think it will be solve by bitcoin? There's still a lot of consequences on it since if you look at current state of El Salvador right now maybe you can figure out and give some thoughts that they might not expect a lot from bitcoin especially if they bought at the wrong placr and bitcoin start to dump. There are some factors that bitcoin could really help but it needs more proper long studies before they can enjoy the huge benefits on this technology.

Agreed, Hong Kong is one amongst the country that have got highest percentage of cryptocurrency users. More other issues going around can't be handled by bitcoin. For now the individuals can enjoy the best out of bitcoin. Hongkong is positioned as the best crypto ready country for the year. This can give hands for startups and more other businesses progress through cryptocurrency usage. For now this is just a beginning and the impact can be felt long term.

The adoption from El Salvador is much into criticism, but in reality they serve as the base for more other countries that are going to adopt bitcoin in the future.

[samcrypto]

Just because their are current struggle happening to their country then you think it will be solve by bitcoin? There's still a lot of consequences on it since if you look at current state of El Salvador right now maybe you can figure out and give some thoughts that they might not expect a lot from bitcoin especially if they bought at the wrong placr and bitcoin start to dump. There are some factors that bitcoin could really help but it needs more proper long studies before they can enjoy the huge benefits on this technology.

Agreed, Hong Kong is one amongst the country that have got highest percentage of cryptocurrency users. More other issues going around can't be handled by bitcoin. For now the individuals can enjoy the best out of bitcoin

They can’t just fully accept Bitcoin just to escape China’s pressure and I agree that Bitcoin can’t solve their problem because for sure if they legalize Bitcoin, China will react and China will impose sanctions to them which can result into a more economic problem to them. Hong Kong people already enjoy the digital currency, they are everywhere and probably they are into Bitcoin as well without experiencing any regulations problem, I believe it is already good for them. Their economy status is the result of their government action, they should address this separately.

[Gallar]

On the occasion that took place in 2019 in Hong Kong where it's inhabitants took to the streets to speak against the aggressive and excessive control exercised over them by China, citizens feel they are being robbed of their rights on being a sovereign nation and this action has been exacerbated by the COVID-19 pandemic and it's resultant attempts to curb it's spread by the Chinese government who imposes stringent measures as support from the West were not forthcoming..

As a result of these actions by China, Hong Kong seem to struggle with their economy and this matter is made worse as their currency looks to be tied to that of the dollar.
 The Hong Kong Monetary Authority are striving to keep their currency to trade at HK 7.75 or at most HK 7.85 to the dollar. But at the rate the dollar interest rate is increasing, it's hard for the Hong Kong currency to keep up.
 Will there be a possibility of Hong Kong seeking to adopt Bitcoin as a legal tender since they seem to be a Bitcoin friendly state and it's acceptance can help reduce the Chinese government's dominance on them. What's your take on this? https://bitcoinmagazine.com/culture/bitcoin-can-free-hong-kong-from-china

apparently not for the time being, because Hong Kong is under Chinese rule, and China is very much against crypto money.
so the possibility of adopting crypto/bitcoin for now seems not.

[BRINIRHA]

I think it will be very difficult for Hong Kong to fully adopt bitcoin. because China will definitely interfere in it. even though hong kong needs it and bitcoin can be a solution but adopting it will still face many obstacles if it is to be done. But the possibility may always be there. but I think it's difficult. because this will actually provoke China's dominance of Hong Kong to be further tightened. because as we know that China is one of the toughest challenging countries against crypto and bitcoin.