THELOGICALINDIAN - Hong Kong Chief Executive Carrie Lam says she is currently unbanked and keeps bags of banknote buried at her home address of US sanctions Alongside 14 Chinese and Hong Kong admiral Lam has been slapped with castigating measures that finer cut her off from the cyberbanking arrangement The US government appear the sanctions in acknowledgment to the artifice of the civic aegis law on the Hong Kong territory
Cash Salary
The US government, through the Office of Foreign Asset Control, can finer accomplish its action objectives on non-US entities via the blackmail of castigating fines for aggressive banking institutions. According to one report, it is this accident of active afield of US behavior that stops alike acreage Chinese banks from extending casework to the Hong Kong chief.
Lam, who reportedly earns an anniversary bacon of $672,000, anecdotal her abnormal asperity during a television interview. She said:
To accomplish affairs worse for Lam, Chinese state-owned banks accept reportedly abutting their all-embracing counterparts in abstinent her admission to cyberbanking services. For their part, authorities in acreage China accept back retaliated by promulgating civic aegis laws that ban banks operating in the country from “colluding with a adopted government to appoint sanctions on Hong Kong.”
Despite adverse this appearing conundrum, the address goes on to say that banking institutions are added absorbed to accede with US sanction laws due to “the ability of the US dollar in the Swift all-around cross-border banking transaction system.”
The Crypto Alternative
Meanwhile, for Lam and the 14 admiral that are in a agnate predicament, this potentially agency they will abide afar from the banking arrangement into accountable approaching unless they accomplish the about-face to an another banking system. With cryptocurrencies, Lam who says she was “unjustifiably accustomed by the US government” or Bernard Chan, one of the Hong Kong chief’s admiral who has reportedly been labelled a “politically apparent person”, can admission an another banking arrangement that cannot be censored.
The Hong Kong CEO, who has already apparent herself to a accident of break-in, additionally could catechumen the bags of banknote buried at her abode into bitcoin or bitcoin cash. When she wishes to banknote out, there are 60 ATMs that are installed at altered locations in the city, according to Coinatmradar. The ATMs abutment several bill including BTC and BCH.
For Bernard Chan, who confirms that his coffer annual was arctic and that Hong Kong admiral in the burghal are disturbing to accessible coffer accounts, cryptocurrencies would be a applied solution.
What are your thoughts on the Hong Kong chief’s situation? Tell us what you anticipate in the comments section.
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