TL:DR Breakdown
- The Wan Chai connection hosts great criminals.
- Bitcoin usage has increased in Hong Kong.
- BTC’s characteristics are deadly.
Bitcoin adoption in the Wan Chai connection could prove deadly
The Wan Chai connection is said to house some of the deadliest criminals, according to CNN. The Hong Kong neighborhood hosts many who have been sanctioned by the US.
Within a mile, there are blocks linked to a potential financier for Hezbollah, a Lebanese militant group. In the same area, there is a person who was accused of assisting Iran in acquiring millions of dollars worth of military equipment despite US sanctions.
In the Wan Chai connection, there is also a man who was said to have helped the Venezuelan President Nicolas Maduro waste his country’s resources. A company is housed in the area that launched a North Korean bank despite sanctions by the United Security Council resolutions.
There is an office that is the home of powerful Southeast Asian militia as well as a casino mogul who allegedly trafficked drugs, wildlife, and people. The offices that house these criminals appear like front companies that are not illegal.
Front offices are legitimate corporations with active business operations used to hide illegal transactions. It is not clear if these criminals are using Bitcoin, but it is likely that the way Bitcoin adoption is growing they will.
Wan Chai connection and Bitcoin
In Hong Kong, all exchange platforms will be regulated, but this will not stop any front offices from purchasing with Bitcoin. Since the Hong Kong protests in 2019, Bitcoin adoption has been linked with going against the Government. Bitcoin enables transactional anonymity.
As protests launched around June, BTC was trading at a $160 premium on TideBit which is a Hong Kong-based exchange. Further, into the protests, BTC on TideBit ended up being $11477.34 due to the increase in demand.
The demand for BTC seems to grow and be more likely when individuals are against the Government, imagine how much more likely Bitcoin usage is among criminals.
Bitcoin characteristics
Bitcoin is a tool that holds so much power for both good and evil because of its unique characteristics.
Global
BTC is a sneaky tool because it can cut across borders and is accepted in many different countries. There are fewer costs that come with trading BTC as opposed to the fiat currency as you do not have to worry about the exchange rate costs, making it a friend for cross-border transactions.
Private
With Bitcoin, you can hide your identity, and as there is no central force, nothing is pressuring you to reveal your identity. The ease with which you can disguise yourself makes Bitcoin a great pal for criminal activity.
Peer to Peer
Bitcoin is useful and deadly because it gets the job done efficiently and effectively due to its peer to peer system. When you send BTC, you know exactly how much you’re sending and where it’s going, and do not have to worry about your money being distorted in any way.
Likely, the increased Bitcoin adoption in Hong Kong is not exempt from the Wan Chai connection, which houses some of the most lethal criminals. BTC is a tool that is so effective that its powers can be deadly.
As BTC can conceal identities and is a peer to peer system, it is an incredible resource for criminals to do their dirty deeds from the notorious Wan Chai connection.
