Bitcoin Benefits: Economic Tension In India Can Be Prevented

One of the main bitcoin benefits is that it has proven to be of huge help when it comes to countries that are having economic and political tensions in aiding the citizens when it comes to banks which deny customers of using crypto or countries that have economic sanctions imposed upon them as we are reading in the bitcoin news now.

The banks in India are starting to turn down potential customers because of their religion and with bitcoin’s decentralized nature, these citizens could find another way. According to the latest reports, the Indian citizens who want to open a bank account could start answering Know-your-customer questions including their religion and the Reserve Bank of India will even make new amendments to the foreign exchange management regulations, emphasizing which citizens can open a bank account. According to the text:

‘’A person being a citizen of Bangladesh or Pakistan belonging to minority communities in those countries, namely, Hindus, Sikhs, Buddhists, Jains, Parsis, and Christians who are residing in India and has been granted a Long term Visa (LTV) by the central government is permitted to open with an authorized deal only one NRO Account. The said NRO account shall be converted to a resident account once the person becomes a citizen of India within the meaning of the Citizenship Act, 1955.’’

Another side of the bitcoin benefits can be seen in the protests in Hong Kong since one of the largest banking services organizations in the world, the HSBC bank, closed a corporate account that was linked to the protesters in Hong Kong. According to the notification, the account used doesn’t even match the original purpose.

The Hong Kong police have already arrested four citizens that took part in the protests and closed assets worth $9 million claiming they were used for money-laundering and purchasing merchandise that can help the protesters. Some of the protesters even called for an HSBC boycott to which the bank answered:

 “Our decision (to close the account) is completely unrelated to the Hong Kong police’s arrest of the four individuals on 19 December 2019. We closed the account in November 2019 following direct instructions from the customer.”