Bank of China stops citizen's from withdrawing savings calling them investments
A branch (Henan) of the Bank of China has reclassified customers savings as "investments" and says they are no longer able to withdraw.
After the announcement, the Chinese government deployed tanks outside of the Henan Bank to discourage protesters in the area. Citizens have been protesting since April as they have been unable to withdraw their savings.
The Chinese government promised to release citizen's funds in batches, although rumors are this only happened for a few people.
Recently the Chinese government put withdrawel limits in place to limit how much individuals and businesses could withdraw. These limits were around $15,000-$45,000 worth of Yuan for individuals and around $74,000 USD worth of Yuen for businesses.
The Bank of China is fearful for bank runs and have been seizing banks and limiting withdrawals to prevent this.
The Chinese government have stated they will start paying back smaller customers with less than 100,000 Yuan after July 25th.
Image Sources: 1
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It's insane! Most people can't this happening to them. Ignorance is bliss but not when it blinds you.
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It is, very scary. Even though the risk is really low on the US I still have a ton of bank accounts to minimize risk and take advantage of insurance.
Same here Marky! Keeping a good chunk of cash too as a backup. I keep it hidden under my wooden floor tiles. Not even kidding! Although it's quite inconvenient as compared to hiding keys and seedphrases.
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I’ve always wanted to carve a box area in the cement in my basement and run electrical, network, venting to store a data back up of all my data and emergency supplies.
This would be for fire and theft protection. Never got around to doing it but I would really like to do it.
Haha. Probability of such an extreme thing happening to you might be low. But hey, unexpected shit happen all the time. xD
Btw next AMA wen??
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Probably near first of the month but I’m not really posting much anymore, more focused on other projects.
Nice! Looking forward to the updates.
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i can store it for you.
That is the one of the results of a centralized financial system.
How the governments become so cruel to their citizens. ...! Insanity it is
I think they are just desperate.
So they are making people desperate as well
One of those things us or them.
Unfortunately, governments only look at their navel.
In China it is "easy" for the government to do things like this since that is a dictatorship. In more developed countries like the USA or even European countries this is done but in a hidden way with the increase in interest rates on loans and inflation that ends up taking away people's purchasing power.
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Yep.. Sometimes in small countries tied up to bigger economies this might happen anyway, no tyrany needed. Just a big colateral economic mess like what happened in brasil and argentina in the 2000's.. In uruguay we lived something similar and it really sucks.
Krypto is the answer for financial independence!
it's interesting how only certain news outlets have picked up on this. Smells fishy to me
Tanks on the streets are real though.
context matters. Are you sure the picture was made in China and not South Korea for example, also are you sure it's recent and not a few years old ? When almost no respectable news outlet picks up this story I think it's reasonable to have my doubts. Also https://observers.france24.com/en/asia-pacific/20220721-did-the-chinese-government-really-deploy-military-tanks-to-suppress-protesters-in-hunan-province
It's strange how easily people believe fake news
good point. who has time to check the facts, right? journalists, the ones that should, are the ones lying to their teeth these days.
Are you insane? Or are you being paid to be a Wumao?
These are real. THe videos are real, they're authenticated by millitary intelligence in multiple countries. Are you going to say there are no concentration camps in Xianjian next, wumao?
*the videos of protestors being brutalized by non-uniform cops wearing all white shirts and black pants...just like in the Hong Kong protests of 2019.
You Wumaos really are pathetic.
calm your tits I'm saying that particular piece of news is fake. I'm not denying all the horrible crap the CCP is doing and has done. But you be a 2 year old and downvote first then ask questions later
I downvoted you because to defend the CCP, in any measure, is tantamount to advocating their positions. Why bother even saying it's fake news without addressing all of the horrible things China does first and foremost? In all honesty, this video of tanks rolling was pushed by tiktokers FROM CHINA. Think about why.
A good example of why it's never a good idea to give in to consent of tyranny. The Chinese government treats its citizens more as property than people.
They likely don’t have a lot of choice.
I believe you’re correct. The people of China haven’t had a choice in quite some time. Wasn’t they’re last full uprising ended at Tieneman square when the tank ran over a protester?
I don’t see how they can change things without military power. The regime is too settled in to things to give up their control.
This is very inhuman. Savings and investment are two different things. Someone who has not eaten well can not invest, someone who doesn't have a good shelter, clothing cannot invest. Investment is a long term thing.
It is seriously insane. I wonder if they will deploy similar tactics in europe and the US to "encourage" people onto the CBDCs. It seems we are seeing a darker side to governments in the last few years and the trend isnt stopping.
just insane, take care
This is madness to change the term just to remain afloat.
This is why crypto will make it to the top.
Let's hope it gets things in order.
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Bad news for chinese people with funds in that bank.. GREAT NEWS for crypto!
We suffered this in argentina and uruguay back in 2001. Its sucks so much. Impotence. Your goverment is legally stealing your money.
Some got it back later, some lost everything.
Krypto krypto krypto!
Intetesting times are coming!
China gonna China I guess
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Just like Coinbase making the claim that coins on their platform are part of the bankruptcy process (if it files) and that they are creditors.
Not your coins not your crypto as they say.
With all the bankruptcies, this point is being driven home.
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¿Dinner For Few?
I hope this doesn't turn into something different soon.
Nothing really new in the usual Chinese algorithms. Or the regular ones that soon will start to come from the Us of A. };)
why am i not surprised
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sounds pain.
And it only shows tanks are more used to fight their own citizens and be useful in wars.
Scary, china is a pretty big and even bigger economy.
Is there some "estimation" on inflation that's semi-accurate for china?