Recent Political And Economic Tension In India And Hong Kong Highlights Bitcoin’s Benefits

Indian banks may start turning prospective customers, as a result of their religion, according to a recent report. Furthermore, protesters in Hong Kong are boycotting one of the largest banks in the country, HSBC, due to this latest alleged political arrests. Naturally, among economic and financial chaos of this type, it’s hard to not bring Bitcoin’s main character, which solves all of the above mentioned issues.

Banks To Judge By Religion? ) )

According to a recent local report, Indian taxpayers who would like to begin a bank account may shortly begin reacting more detailed Know-Your-Customer (KYC) inquiries, for example their faith. The Reserve Bank of India will supposedly create new alterations to the Foreign Exchange Management Regulations within this past season, highlighting where taxpayers can start a bank account or purchase a residential house:

Someone being a citizen of Bangladesh or Pakistan belonging to minority communities from those countries, specifically, Hindus, Sikhs, Buddhists, Jains, Parsis, and Christians who is living in India and has been granted a Long term Visa (LTV) in the central government is permitted to start with a licensed bargain only one NRO Account. The said NRO accounts will probably be converted into a resident account if the person becomes a citizen of India within the significance of the Citizenship Act, 1955. — Reads the text.

However, the brand new action will allegedly exclude atheists, Muslim migrants, and people coming from neighboring countries for example Tibet, Sri Lanka, and Myanmar. According to the account, migrants coming from the unmentioned countries will be excluded and won’t have the capability to open bank accounts nor buy possessions.

Hong Kong Protesters Boycott HSBC

One of the largest banking and financial services organizations in the world, HSBC Bank, recently closed a corporate account, allegedly related to the protesters in Hong Kong. According to the notification, the accounts usage didn’t fit the first function.

Additionally, as Cryptopotato reported Friday, Hong Kong governments have arrested four taxpayers getting involved with the protests. Moreover, they froze assets worth $9 million, claiming they’ve been employed for money-laundering, and buying merchandise that could permit the protesters.

The actions mentioned before lead to a somewhat expected reaction as the protests continued. In reality, a number of them called for a boycott of HSBC, although the bank officially prohibits any possible relation by saying:

“Our decision (to close the account) is completely unrelated to the Hong Kong police’s arrest of the four individuals on 19 December 2019. We closed the account in November 2019 following direct instructions from the customer.”

The cryptocurrency community continues to be quite outspoken hinting that “Bitcoin solves this” as it’s a decentralized digital strength without a central purpose of authority. It can be used by anyone in the world, whatever the location, business goals, religion, or state of origin.

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