News Snapshot:
Social media footage shows crowds of angry people in Zhengzhou, the largest city in Henan province , protesting the freezing of accounts by some rural banks. Local media reported that the deposits held by affected banks could be worth up to $1.5 billion. Some observers point out that self-custody of assets takes away control from banks. For example, commenting on video footage of the protests, one Twitter user wrote, “More future Bitcoiners being orange pilled.” Reuters reported that the banks involved are being investigated for “illegal fundraising.” But bigger, more macro issues are also in play. Chinese banking system showing...
