June 18, 2024

Cryptocurrencies are growing in Hong Kong

Amid the protests in Hong Kong, cryptocurrencies have gained immense popularity as tools tomove away from state supervision.

Due to the now recalled bill onextradition, which would allow law enforcement to detain and transport people to mainland China, the Hong Kong government had to impose a state of emergency.

Amid the chaos that has engulfed the entire region,Cryptocurrencies allow you to escape government oversight. Over the past few months, a number of companies, including Pricerite and the Hong Kong Free Press, have announced they are accepting cryptocurrency donations.

HKmap web map.live, (a local free analogue of the Google Maps service), has also begun accepting crypto assets. The developer of HKmap.live, known to a wide audience under the pseudonym Kuma, spoke about the reasons why the decision was made to accept cryptocurrencies.

According to the developer, the Hong Kong governmentit is to blame for the fact that people are forced to remain anonymous. Its service accepts BTC, ETH, BCH, XMR, ZEC, XLM, XRP and NANO. The last three were added at the request of the users themselves.

According to current information, they have already raised approximately a couple of thousand US dollars, which are aimed at paying for hosting, operating and legal expenses.

“The anonymity of cryptocurrencies has significantly reducedrisks and protected us and our users. Many people attribute cryptocurrencies to something bad, but I don’t think so. This is quite fair. There is a possibility that Bitcoin is indeed used to finance illegal activities, but fiat currency has been used in this regard for much longer and in much larger volumes,” — Kuma noted.