The top authority of Hong Kong, HKMA (Hong Kong Monetary Authority), has confirmed that some banks suspended their banking services at specific branches. Looking at the worst monetary scenario in Hong Kong, the crypto community is recommending cryptocurrency as an alternative solution for people to access their own money at any time.
Hong Kong Citizens Hardly Have to Access to their Own Money
Countries like Hong Kong and India are on limelight due to the banking service interruption that citizens are currently experiencing. On Oct 5, 2019, HKMA released an official statement, entitling “Partial service disruption of bank branches,” briefing the reason as “vandalized facilities and traffic disruptions.” Although, the authority states that customers can access to ATM services or online banking, but it also didn’t assure the working status of these ATMs and banking services. The release reads that;
Bank customers are advised to use online banking or ATM services as far as possible and check bank branches’ service status before visiting. We appeal to a public understanding of service disruption of certain bank branches, which was necessitated by extraordinary circumstances.
Will Crypto Fix this?
Undeniably, it is one of the key reasons why the crypto community is pushing the decentralized nature of the financial system forward. As such, Anthony Pompliano, who is a bitcoin maximalist and often known as Bitcoin bull, took to Twitter and wrote about the most horrible scenario Hong Kong citizens are currently experiencing with their own money. He quickly said, “Bitcoin fixes this (issue)”;
Reports are surfacing that some Hong Kong ATMs have run out of cash as withdrawals are accelerating with increased protests and instability.
Imagine not being able to access your own money.
Bitcoin fixes this.
— Pomp 🌪 (@APompliano) October 6, 2019
Many crypto enthusiasts agreed his statement; in fact, few states, the situation might result in “ a lot of permanent Bitcoin converters.” However, a few other responses to his tweet looked vary as these respondents with their Twitter profile appear as the XRP community members. Consequently, they claim that Bitcoin is slower than XRP (notably), and henceforth believes, XRP fixes this.
Meantime, countries are considering the digital version of their fiat currencies, and some of those countries who’re already broke out the announcements are, China, United States, Germany, India, and unlike. How far the idea turned out to be a reality is still a matter of time as none of these countries still launched the digital version of fiat officially yet.
Furthermore, the HKMA hopes that the banks will resume “normal operations and serve their customers smoothly.” The announcement writes that;
Recent incidents of vandalism and arson attacks have seriously affected the use of banking services by the public, HKMA said in a statement. Any form of vandalism and violence should be condemned.
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