Topic: Will Hong Kong consider Bitcoin? (Read 488 times)

This is a strange question. Why do you always like to use China to represent the fact that most of the world doesn't accept bitcoin? It's a bias.
Last month, the Hong Kong SAR government announced a policy on the development of virtual assets in Hong Kong. As part of China, the Hong Kong government must have the support of the Chinese government in order to do so. If Hong Kong wants to maintain its position as an international financial city, it must do something to keep up with the times. Accepting virtual assets is a good place to start. As for accepting Bitcoin, let the most advanced US and UK achieve it first before considering other countries.

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.

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.

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.

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.

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.

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.

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.

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


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.

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.

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.

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.

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


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.

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.

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.
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.

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!


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!

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.

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.

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.

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.

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.



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.

They'd be in a much tighter spot if they ever decide to do this. China is trying to keep all of its citizens' money inside its country to artificially inflate their wealth. If Hong Kong's people decide to use bitcoin, it will still reflect somewhat on China's economy and they don't want that to happen surely. But IMO, what Hong Kong needs is not cryptocurrency but rather a clear political will that may help them get recognized around the world as a country, just like what Taiwan has been doing for the past few decades. Then again, the control that the Chinese government has on Hong Kong is undeniably tight, and its grip will only get tighter as they see that the citizens of this island is wanting to break free from them.

I am sympathetic with the desire of Hong Kong to be a more free and democratic place that allows for both political and financial freedom on the level that is not allowed in most of China. The best Hong Kong can hope for is to gain some more ground within a special administrative region that has a separate economic system. As the article says, the prospects for Hong Kong look quite bleak, unfortunately, as more and more freedoms are taken away by the authoritarian China. I don't think Bitcoin can change that.

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.

One country with 2 different government systems. Although different, the relationship with the territory of power is still full control where control over Hong Kong can be changed at any time when China asks for it. This case has long been a topic and continues to this day. Even to the point where Hong Kong wants to separate itself from China's territory. The source of Hong Kong's economic income is quite large and feels like it wants to be independent, supported by the US contribution because the Hong Kong government is closer to the US than China.

We all know that China has the character of not accepting dictation from other countries, especially the US in running the government in its territory. To maintain stability to maintain the agreement when Britain released Hong Kong to China. Referring to the history of 1839-1842 until the formation of the Declaration agreement which describes Hong Kong will be returned to the PRC from July 1 1997 and will be valid for the next 50 years (2047).



In the end, the Hong Kong economy to adopt Bitcoin cannot be separated from the involvement of China which has decided Bitcoin is no longer friendly to it. As mining was closed and destroyed the market at that time, it was a factor that China would not approve of Bitcoin being used legally in Hong Kong.

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.

I think that too many people (even on the forum) are thinking in the wrong direction in the sense that Bitcoin needs to become legal tender in order to become successful, but that is actually not that important at all. I can buy almost everything I want for Bitcoin in my country, and at the same time the central bank and related institutions have a similar or the same opinion about Bitcoin as some of the most famous critics like Buffett, Schiff or Dr. Doom.

Bitcoin doesn't really need any recognition from the authorities that it is better than fiat (and it will never get it), but it just needs the same conditions as other currencies and to be an alternative for those who want it.

I don't know the Hong Kong government very well but from that's very much possible for any government to consider bitcoin and accept it one day this can happen for Hong Kong from what I can see on the news they are very much near to China and many seeing China stopped the usage of bitcoin and banning the cryptocurrency-related transactions can also affect some other countries when they are near to this country, but in my own idea sooner or later this will happen for most of the country and they will start acceting bitcoin, unlike China.

Nope! I don't see it happening! Bitcoin isn't created to alleviate economical downturn. It is just a truatless currency. If Hong Kong is already struggling with their currency rate fluctuations, bitcoin will make it worse because it is an extremely dynamic currency system.

So no leader will choose that path for sure. Also China has a direct control over Hong Kong and the Chinese government is known for their hatred against cryptocurrency. That's another reason why Hongkong will not adopt cryptocurrency as a legal tender.

China will surely disagree with it since Hongkong is still part of the country. They will not allow any currency that they couldn't regulate. The Chinese government will surely be strict regarding this matter and despite the function of Bitcoin in the possible economic growth of Hongkong during this global crisis, China will surely intervene.

Exactly and there is a very tiny chance that Hongkong can even secede from huge China. If the Chinese central government is opposed to bitcoin then it will never allow Hongkong to consider it as a legal tender. The Chinese central government is starting to show its muscles in Hongkong government. AFAIK there were a lot of deals from western nations that got canceled by China or by the west itself. Before 2030 I won't be surprised if Hongkong will already become a full pledged Chinese territory and democracy becomes in the name only. 

What I do know is that Hong Kong is part of China. I doubt that they will escape the scrutiny of the "parent" state even just planning to adopt an entity they are clearly opposed to. This is clear defiance.
Hong Kong is only administratively separated but military defense is still completely dependent on China. So taking the step of adopting bitcoin as a financial solution may just be a pseudo plan, or else they will have to let go of all dependence on China and become an independent country first.

I think that the adoption of bitcoin in any country will bring it more problems (especially from IMF) than the amount of benefit. Therefore, most countries with coherent economies will not think of taking this step, at least for the time being.

It is also better for Bitcoin to be away from the conflict between the United States and China, these countries can wage a trade war greater than a trillion dollars, and given the Market cap of the Bitcoin market at the present time, one of these two countries can cause damage that makes Bitcoin return to levels of 3000 dollars easily.

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?

I'm amazed reading the replies here, are some people still believing Hong Kong is some kind of independent country or what?

Hong Kong considering bitcoin, that's a laugh! Coming from Bitcoin magazines that claimed Salvador bonds were oversubscribed by three times back in February and that work has already started at the Volcano city no wonder, those guys are in a world of their own.

There have been a major political war between the West and China concerning the future of Hong Kong. As regards to the issue of making bItcoin a legal tender in Hong Kong both the West and China would detest such moves because it might be counterproductive to their economy. It would mean that the Hong financial transactions might bypass the Chinese Cross-Border Interbank Payment System (CIPS) and America's Society for Worldwide Interbank Financial Telecommunications (SWIFT). Income that would have come through charges from using these transaction channels might be limited if Bitcoin becomes a legal tender.

This is something that took my interest to look at , and yes Hong Kong may find Bitcoin as their another option from the harassment of China , if they will enter and support crypto specifically Bitcoin then they will find another power from it.
but the problem is China as anti Bitcoin will find this thread if HongKong enters the event and surely there will be more aggressing action that they will seek.

Put it this way every country can consider bitcoin but, despite the true potential of bitcoin that can show and given to each individual and country. There are just some boundaries that we can't expect to go further or we're overexaggerated about it. I remember this scene in Hongkong where there was tension about certain laws and conflict with China's ruling laws towards them. Being open to bitcoin or proclaiming that it's totally legal on them and they're very optimistic about it might touch China's feeling again and could result a pressure against.

One of the reasons china banned crypto was to prevent capital flight. Large sums being moved outside of china's borders to presumed safe havens in other countries. It could reduce business and deposits for chinese banks.

I doubt they would legalize crypto in hong kong. Which might quickly become a hotspot for chinese to move and store funds outside of the country.

Access to crypto would probably be better for chinese consumers. Investors naturally emphasize diversification and not putting all of ones eggs in the same basket. Crypto provides a wide range of assets and tokens which could provide good protection against inflation and recession.

China's economy trends towards being centralized within the yuan and chinese banks. If either the yuan or banks ever developed serious problems, everyones wealth could take a serious hit due to the lack of alternate options and intrinsic diversification strategies.

Almost all of the countries in South East Asia is suffering due to Covid and local currency as struggling against the dollar, Sri Lanka's government collapses. So it's not only in HongKong that this things are happening, it's all over her neighboring countries. How do I know? it's because I live in that region and somewhat our economy is messed up too.

However, if Hong Kong will consider bitcoin just to salvage their economy? I doubt that, bitcoin will not save any countries economy, it's up to the sitting President or who is in charge of the country to make good programs to recover from the Covid-19 effect, and the inflation due to the rising price of crude oil in the world market.

Investments locally and internationally should've already helped Hong Kong's economy. If they haven't done this then they will probably face huge problems (self dependency can only go so far when you're over developed like Hong Kong is).

If Hong Kong is facing financial hardship/decline I think China would be to blame for that (either actively or passively).

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.

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