Recent mass protests in Hong Kong over changes to an extradition law have raised concerns about the future of the region’s crypto sector. Although the proposed bill has since been suspended, it has nevertheless raised questions about the state of the island’s autonomy under the purported “one country, two systems” framework.
Given growing unease over Beijing’s continued involvement in the island’s judicial and legal system, as well as its tough stance on cryptocurrencies, many are starting to wonder what will become of the island’s crypto market.
As reported by NewBTC, the proposed extradition amendment would pave the way for the extradition of suspects to mainland China. Additionally, while Beijing is openly supportive of blockchain technology, it remains staunchly opposed to speculative crypto trading.
The reason for discrepancy this has been attributed to a range of arguments, with some believing that China’s approach protects investors from scams, while others view it as a means of enforcing monetary control.
Marco Rossi, a technology blogger, posits that the very concept of crypto, which emphasizes decentralization, is in fact diametrically opposed to centralized nature of the Chinese state.
Notably, the “one country, two systems” constitutional arrangement is officially due to expire in 2047, upon which Beijing will regain full sovereignty over the former British colony.
Nevertheless, many have pointed out that China has not outright banned the holding of cryptocurrencies. Various loopholes also exist to trade cryptocurrencies in the communist nation, but critics argue that citizens should have the right to trade crypto without resorting to such methods.
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