Cryptocurrency: Sri Lanka Collapsed... People Desperate For Usable Currency, Run On Chinese Banks

[grarpamp]

Which cryptos will they adopt?

"Sri Lanka has collapsed. The results of socialism + MMT + eco
fanaticism + ESG approved policies.  -- dossier.substack.com"



Are you prepared?



Chinese Banks experience massive bank run, violent protests ensue.

Chinese Bank Run Turns Violent After Angry Crowd Storms Bank of China
Branch Over Frozen Deposits

While the world of high, and not so high finance, is obsessing over
the volatility of cryptos and recent painful losses for overlevered
players who - much to the amazement of plain vanilla equity investors
- were not bailed out by a magnanimous Fed (which however only rescues
stock markets, not cryptos), things in China with its $54 trillion
financial system, or more than double the size of assets across US
commercial banks, are once again getting heated.

As Reuters reports, a large crowd of angry Chinese bank depositors
faced off with police Sunday in the city of Zhengzhou, and many were
injured as they were taken away, amid the freezing of their deposits
by some rural-based banks.

The banks froze millions of dollars worth of deposits in April,
telling customers they were upgrading their internal systems. The
banks have not issued any communication on the matter since,
depositors said.

According to Chinese media the frozen deposits across the various
local banks could be worth up to $1.5 billion and authorities are
investigating the three banks.

On Sunday, about 1,000 people gathered outside the Zhengzhou branch of
China's central bank on Sunday to demand action; they held up banners
and chanted slogans on the wide steps of the entrance to a branch of
China’s central bank in the city of Zhengzhou in Henan province, about
620 kilometers (380 miles) southwest of Beijing.
People hold banners and chant slogans during a protest at the entrance
to a branch of China’s central bank in Zhengzhou in central China’s
Henan Province. A large crowd of angry Chinese bank depositors faced
off with police Sunday, some reportedly injured as they were roughly
taken away

The protesters are among thousands of customers who opened accounts at
six rural banks in Henan and neighboring Anhui province that offered
higher interest rates. They later found they could not withdraw their
funds after media reports that the head of the banks’ parent company
was on the run and wanted for financial crimes.

Videos and photographs on social media showed depositors waving
banners and throwing plastic bottles at approaching security guards
who then roughly dragged some of the protesters away.

    Citizens storm the Bank of China in Zhengzhou over bank account
freezes. Banks froze millions of dollars in deposits last April,
simply explaining to savers that they need to upgrade their internal
systems. Since then, customers have not received any kind of
communication. pic.twitter.com/XS9zuXRuEK
    — RadioGenova (@RadioGenova) July 10, 2022

Besides uniformed police, there were the teams of men in plain
T-shirts. A banking regulator and a local government official arrived,
but their attempts to talk to the crowd were shouted down.

“We came today and wanted to get our savings back, because I have
elderly people and children at home, and the inability to withdraw
savings has seriously affected my life,” said a woman from Shandong
province, who only gave her last name, Zhang, out of fear of
retribution. Zhang and another protester, a man from Beijing surnamed
Yang, told the AP the protesters had heard from the officials before
and don’t believe what they say.

The police then announced to the protesters from a vehicle with a
megaphone that they were an illegal assembly and would be detained and
fined if they didn’t leave. Around 10 a.m., the men in T-shirts rushed
the crowd and dispersed them. Zhang said she saw women dragged down
the stairs of the bank entrance. Zhang herself was hit, and said she
asked the officer, “Why did you hit me?” According to her, he
responded: “What’s wrong with beating you?”

Yang said he was hit by two security officers including one who had
fallen off the stairs and mistakenly thought in the chaos that Yang
had hit or pushed him.

    中国女性储户勇敢冲塔，对面虽然不是坦克，但是比坦克还要厉害 pic.twitter.com/dqR4OUm9Wr
    — 河南村镇银行维权 (@Qwaszx179730654) July 10, 2022

“Although repeated protests and demonstrations don’t necessarily have
a big impact, I think it is still helpful if more people get to know
about us, and understand or sympathize with us,” Yang said. “Each time
you do it, you might make a difference. Although you will get hit,
they can’t really do anything to you, right?”

"I feel so aggrieved I can't even explain it to you," Zhang, 40, told
Reuters. Zhang said he had been hoping to retrieve about 170,000 yuan
($25,000) deposited with one of the banks, the Zhecheng Huanghuai
Community Bank.

Zhang said he had suffered injuries to his foot and thumb, and was
taken away by four unidentified security personnel at around midday.
Security personnel outnumbered protesters by around three to one, he
said.

"They did not say they would beat us if we refused to leave. They just
used the loudspeaker to say that we were breaking the law by
petitioning. That's ridiculous. It's the banks that are breaking the
law."

    This is huge. Don't know how this will end. Henan bank is NOT the
only one that is having problems with liquidity. All four Chinese
banks are having the same issue. Some depositors found they can save
and can NOT withdraw money with their bank cards. #bankrun #China #CCP
pic.twitter.com/5WYYgpmIWP
    — Jennifer Zeng 曾錚 (@jenniferatntd) July 10, 2022

The banks, which include the Yuzhou Xinminsheng Village Bank and the
Shangcai Huimin Country Bank, are under investigation by the
authorities for illegal fundraising, the state-run Global Times
reported.

The protesters were eventually bused to various sites where Zhang said
they were forced to sign a letter guaranteeing they would not gather
anymore. Late Sunday, Henan banking regulators posted a short notice
on their website saying that authorities are speeding up the
verification of customer funds in four of the banks and the
formulation of a plan to resolve the situation to protect the rights
and interests of the public.

More than 1,000 depositors from across the country had planned to
gather in Zhengzhou last month to try to withdraw their money but they
were unable to when their COVID-19 health codes, which determine if
one can travel, switched to a "no travel" status.