ATMs Ran out Of Cash: Hong Kong Regulators Publishes new Crypto Guidance
Hong Kong regulators have published a document of crypto guidance because, in Hong Kong, ATMs have run out of cash.
Due to the ATM issue, many people came on the streets protesting against this issue and this created violence there. As there is no cash available in the ATMs, so it is difficult for the regulators to publish a paper on the cryptocurrency.
ATMs Ran out of Cash
This weekend in Hong Kong, the ATMs issue rose as they started to run out of cash.
The residents of the island seemed anxious about this problem. When they had no longer access to the savings, then they started to post several photos on social media.
Kyle Bass, who is the CIO of Hayman Capital Management says that the legal system of Hong Kong is has fell apart. As he states:
Bank runs all over Hong Kong. ATM machines running out of cash but there is something more important… failed leader carrie lam(b) can now officially confiscate bank accounts and assets without recourse.
He expressed his thoughts on twitter while mentioning Carrie Lam in his statement.
Bank runs all over Hong Kong now. ATM machines running out of cash but there is something more important…failed leader carrie lam(b) can now officially confiscate bank accounts and assets without recourse. The HK legal system is essentially gone. #Bankruns #HKexit https://t.co/jz9sPrA30U
— Kyle Bass (@Jkylebass) October 5, 2019
Document consisting of Crypto guidance
The Hong Regulators have now presented new directions in a document for the fund managers of Portfolio. The document was published last week by the Securities and Futures Commission of Hong Kong.
The document consisted of the main instructions and guidelines for the fund managers describing how they have to deal with the virtual assets and with ICOs. The title of the document was “Pro forma Terms and Conditions for Licensed Corporations which Manage Portfolios that Invest in Virtual Assets”.
As the investors are facing a problem with their savings due to the ATM issue and now they are directing themselves toward bitcoin.
Anthony Pompliano who is a crypto bull says:
When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive. This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong.
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