Author Topic: "Digital handcuffs" used in China to prevent protest by bank depositors  (Read 176 times)

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Offline hpjet

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SHANGHAI, June 14 (Reuters) - "A protest planned by hundreds of bank depositors in central China seeking access to their frozen funds has been thwarted because the authorities have turned their [Covid] health code apps red, several depositors told Reuters....The depositors were planning to travel to the central province of Henan this week from across China to protest against an almost two-month block on accessing at least $178 million of deposits, which has left companies unable to pay workers and individuals unable to access savings....Rights groups have warned China could use its vast COVID surveillance infrastructure to stifle dissent. Without a green code on their smartphone app, citizens lose access to public transport and spaces such as restaurants and malls, as well as the right to travel across the country....Liu, who declined to give his full name for fear of government repercussions, said his child may not be able to go to school if his code does not soon revert to green....'I can't do anything, I can't go anywhere. You're treated as though you're a criminal. It infringes on my human rights,' said Liu."
https://www.reuters.com/world/china/china-bank-protest-stopped-by-health-codes-turning-red-depositors-say-2022-06-14/
« Last Edit: June 15, 2022, 06:43:51 AM by hpjet »

Offline hpjet

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Background on the Chinese banks deposit freeze:

SHANGHAI, May 18 (Reuters) - "Three banks in China's central Henan province have frozen at least $178 million of deposits, offering scant information on why or for how long, leaving firms unable to pay workers and individuals locked out of savings...Yu Zhou Xin Min Sheng Village Bank, Shangcai Huimin Country Bank and Zhecheng Huanghuai Community Bank froze all deposits on April 18, with all three telling customers they were upgrading internal systems. The banks have not issued any communication on the matter since, depositors said....Depositors from the southern Zhejiang province communicating over WeChat compiled a spreadsheet seen by Reuters in which they self-reported 1.2 billion yuan ($177.55 million) in frozen funds across the three banks....Jerry Chang, owner of a factory in Hubei province, cannot access his over 6 million yuan [approx. $830,000] deposited at Yu Zhou Xin Min Sheng Village Bank. 'Not being able to withdraw money has a huge impact on the operation of our factory, including procurement and workers wages,' said Chang, who used the bank because of its marginally higher interest rate of 1.85%....Tony Qian, an investment consultant...had been saving to buy property. ...'The thing I'm most angry about is ... no one has explained anything to us,' said Qian."https://www.reuters.com/markets/asia/chinese-depositors-left-dark-three-local-banks-freeze-deposits-2022-05-18/
« Last Edit: June 15, 2022, 07:01:40 AM by hpjet »

 

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