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Why Bitcoin? Chinese Protesters Demand Frozen Deposits

News Snapshot:

Over 1,000 Chinese protesters stormed Zhengzhou, a city in China’s central province Henan, on Sunday to express their disapproval of the fund freeze carried out by local banks, and also retrieve their funds, Reuters reported. What Happened? In April, at least three Chinese-based banks abruptly halted the funds of depositors, reportedly worth about $1.5 billion. These banks included the Zhecheng Huanghuai Community Bank, the Yu Zhou Xin Minsheng Village Bank, and the Shangcai Huimin County Bank. According to the report, the banks claimed that they were “upgrading their internal systems.” But since then, users have not received any updates as…

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