Bitcoin Enters Battle Between HongKong And China

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Last Updated on 29 August 2020 by CryptoTips.eu

Jeroen Kok

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The ideological battle between China and the city-state of HongKong has not only descended into a standoff of authoritarianism versus liberalism, but also pitted China’s digital yuan versus Bitcoin.

Yesterday, another page-sized ad promoting Bitcoin appeared in a popular HongKong newspaper, just as China plans to roll out their own “Digital Yuan” in the city.

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Historic handover

Hongkong used to be a part of the British empire, but through a series of agreements, China took back control of the region, with the vague promise that liberal laws would continue to rule HongKong till 2025 at least. As that date draws nearer, the rich citizens of HongKong seem forced to choose between accepting the rule of the Chinese mainland or descending into anarchism and rebellion.

Bitcoin became the latest battleground earlier this week when local HongKong newspaper Apple Daily, whose publisher had been arrested by the Chinese authorities, published an page-sized ad stating “Bitcoin will never ditch you”.

Yesterday, Coingaroo, the largest Bitcoin trading platform in HongKong, repeated the trick and ordered Apple Daily to run another page-size ad promoting Bitcoin.

Given that the Chinese communist party chose a few months ago to become the first major economic power to launch its own cryptocurrency, known as the digital yuan, this was quite the insult.

The standoff was not only noticed in China, but far beyond it as well, given that the world’s media jumped on the bandwagon and claimed that Bitcoin would represent Hongkong’s freedom as from now.

Digital Yuan introduction

All this comes at an unfortunate timing for the Chinese Communist party of course, as they had planned to finally roll out their own Digital Yuan in the HongKong area later in September. HongKong is of course very adamant to crypto trading, and this would prove to be the ultimate test for the Chinese government’s cryptocurrency. The timing now proves a bit tricky.