Earlier this month Hong Kong protest leader urged protesters to attack banks by withdrawing their all funds at the same time. This move caused many businesses in the city to turn to bitcoin and other cryptocurrencies. Anti-extradition protests have been going in the city for more than three months now.
Hong Kong departmental store chain Pricerite became the latest business to start accepting payments in bitcoins and other cryptocurrencies. In a Facebook post, the store announced that they have begun accepting bitcoin, Litecoin, and Ethereum.
Department store Pricerite has begun accepting Bitcoin (Lightning), Litecoin and Ethereum at its store at Megabox, a Facebook announcement reads. pic.twitter.com/yIRpxcGcTq
— Bitcoin Association 香港比特幣協會 (@bitcoinorghk) August 26, 2019
Use of cryptocurrencies has also benefited the protesters in escaping government surveillance and prepare for further economic turmoil in the city. The main of the bak run was to target Chinese banks. If all people decide to withdraw their funds at the same time, it could cause banks to stop functioning as most of the banks operate using the fractional reserve. However, hong Kong National Party leader Chen Haotian urged people to attack all banks as Chinese banks can also borrow funds from other banks.
Pricerite store is known for supporting the protests by providing different supplies to protestors, including water bottles, umbrellas, and other essential things. As protest escalates and the economy suffers, we can expect more and more businesses to accept cryptocurrencies.