Social media users have slammed China’s reported use of military tanks to intimidate bank customers protesting against the freezing of their savings. Some users claimed the deployment of military tanks exposes the country’s underlying economic problems. Crypto proponents see the issue as a vindication of their long-standing argument.
Some social media users have derided Chinese authorities’ reported decision to deploy tanks around the central bank’s offices in Henan where bank customers have been protesting against the freezing of their savings. The deployment of tanks follows reports the central bank in Henan Province told the protesting clients that their savings were now investment products. This meant affected bank clients could not withdraw their savings.
It is thought the deployment of the tanks, as well as images of a tank crushing a protestor, eventually helped to end the demonstrations which lasted for a month and nearly three weeks. Thousands of protestors are believed to have died during the Tiananmen protests and more are said to have been injured.
On social media, some users suggested that authorities resorting to intimidation tactics points to much bigger underlying economic problems.
“Communism all over and to think some people in this country support it.”
However, others like Twitter user Eddie Gahan argued that the problem may have nothing to do with communism itself. In a tweet, Gahan said:
“Actually it was capitalism that’s caused this. The banks have overextended on loans to property developers and with the new ‘three red lines’ rules a lot of developers are defaulting.”
For cryptocurrency advocates, China’s use of military force to dissuade aggrieved bank customers from demanding their own funds vindicates their argument for a decentralized financial system.
Using the tank deployment to highlight the importance of a decentralized currency, a Twitter user named Shivamadan exclaimed: “This is exactly why crypto is important.”
A larger pool of defaulting customers would put a strain on the cashflows of China’s highly indebted developers and this, in turn, could lead to more delays and more projects being abandoned, the report added.
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