| That’s an excellent question. I’ve been thinking about this topic a lot. Here’s some problems I think a good cryptocurrency solves: - Trust: you don’t need to trust any authority or money emitter when using a cryptocurrency. - Anti-inflation: It’s not possible to print e.g. bitcoin so you are not hit by the “inflation tax” - Nowadays, governments and other institutions can easily block a bank account with very little reasons and then you need to go through a long process of proving your innocence. Crypto won’t be blocked. It’s like modern swiss bank hiding place - A real property: it is one of the things that nobody, especially a government, can take away from you - A war, blackout hedge: it’s hard to travel with gold when you can easily run away from a hot place to a better one keeping your whole fortune - Probably way more use cases like easily transferring money around the globe etc I also believe that crypto are in very early stage of their existence so some of the points may not fully apply yet but they are valid in a long run. |
This has been happening to immigrants from Hong Kong to the UK who have an HSBC Bank account... On the request of the Chinese government. HSBC has quite a big presence in China and Hong Kong, so I'm not sure they have much of a choice. Sucks either way.
https://www.reuters.com/business/finance/hsbc-aiding-crackdo...