- In Hong Kong, the pro-democracy movement has started to grow in popularity which has stirred up a national controversy on the matter.
- Going off a report, banks from all across the world are uncomfortable with their Hong Kong customers’ involvement with the pro-democracy movement.
In Hong Kong, the pro-democracy movement has started to grow in popularity which has stirred up a national controversy that has seen both supporters and opposers speak publicly as to where they stand on the matter. Going off a report from Reuters, numerous different banks from all across the world are seemingly uncomfortable with their Hong Kong customers’ involvement with the pro-democracy movement and have been looking into the situation.
Many of these banks are taking action in order to avoid breaking the national security law in forced by the Chinese government which “prohibits what Beijing describes broadly as secession, subversion, terrorism, and collusion with foreign forces, with up to life in prison for offenders.”
The report from Reuters goes on to state:
“Bankers at Credit Suisse Group AG (CSGN.S), HSBC Holdings Plc (HSBA.L), Julius Baer Gruppe AG (BAER.S) and UBS Group AG (UBSG.S), among others, are broadening scrutiny under their programs that screen clients for political and government ties and subjecting them to additional diligence requirements”.
Speaking on the matter though is the founder of Coinbase he said there is a need for open finance. This is a standard response from a prominent member of the crypto space as many supporters in the community believe that the centralised monitoring systems that make it possible for anyone to access financial systems is going to be the future of financial freedom.