Hong Kong is Leading in Digital Banks As China Surges Ahead With It’s Digital Currency
China is slowly becoming a power house in terms of the young and undeveloped digital economy that is starting to bloom. The key factor behind leading this industry is making a product that can not only be effective, but universally utilized across the globe.
Let’s discuss some of the things China is doing to make sure their digital currency, the Yuan, is the product the world uses, and the fact that Hong Kong is pushing the agenda just as much.
Nothing should be considered investment or financial advice. Enjoy the ride.
Hong Kong Aims to Capitalize on Crypto
As the ticking time bomb of crypto domination over the global financial system starts to beat faster, we have a new heading in terms of adoption that no one would have expected years ago.
China is just that heading, but more specifically, Hong Kong. The semi-autonomous city that has been in China’s shadow has emerged to show it came to play in the digital landscape. More than likely due to support from the main land, Hong Kong has started to approve and support the rise of digital banks.
To count, Hong Kong has approved 8 digital banks that are no where near startups. To be clear, these 8 banks are supported by high profile individuals, deep pockets, and plenty of marketing. Not to mention China wants them to succeed and offer support to their up coming digital currency.
Ironically, these banks have had to postpone their launches due to the continual protests that have taken place over the past several months due to the Chinese bill that was proposed. As the launch dates approached, the CEOs of some of the banks started to speak out about why they were choosing to delay.
Digital Bank Delay
While some people may think the digital banks are only start to come out of the wood work, the truth is quite the opposite. These banks have been in development for quite a while and actually planned to fully launch before the end of 2019.
The choice to delay the launch stems from the fact that the protests are mostly populated by younger generations. This poses a problem for a younger generation focused marketing campaign that wants to offer digital banking across the city. This layers on to the fact that another bank account is the last thing that millennials want at this point.
Millennials Do Not Want Banks
The general sentiment around governments, centralization, and banking right now for the younger generations is not a positive one. While the higher powers at be may think catering to the younger generations is a solid strategy, in reality, most millenials do not care about banks at all.
The current up and coming wealth capitalists of the world really want control over their own wealth, assets, and status. The idea of putting their decentralized assets in a centralized banking system, defeats the entire purpose of the cryptocurrency movement. It might not hold true for Asian countries, but for the west, this is the consensus.
Although, reality has to set in, and security will become a focus as the millennials get older. At some point, the security of not losing your keys or having your crypto stolen through a hack will out weigh the benefits of decentralized economies until history repeats itself and the banks become the enemy again.
