Hong Kong media: Local banks in Hong Kong have not yet recognized Bitcoin. Employers using Bitcoin to pay wages may violate the Employment Ordinance.

PANews reported on January 4 that according to Hong Kong 01 reports, some employees in overseas areas accept Bitcoin as salary. However, it is not common in Hong Kong. The reason is that Hong Kong’s Employment Ordinance stipulates that wages must be paid in the form of money, and cryptocurrency It is not legal tender, so using Bitcoin by your employer may violate the law. Some technology companies have used Bitcoin as start-up bonuses or rewards, so there are no major legal issues. However, from a mortgage perspective, Bitcoin cannot be regarded as non-fixed income such as bonuses. When banks generally calculate a borrower's income, they average the bonuses received over two years into the Debt-To-Income Ratio (DTI), and have the opportunity to apply for a mortgage of up to 90%; however, Bitcoin is not legal tender. Even if employees continue to receive Bitcoin as rewards or bonuses, or if their tax returns mention Bitcoin income, banks will not accept it. Borrowers can only calculate DTI based on salaries, bonuses and commissions collected in legal currency. .

Banks in Hong Kong do not yet recognize Bitcoin. They currently only accept cash, stocks, foreign currencies, Hong Kong properties, funds and bonds. There are also banks that accept insurance policies with no premium financing as applicants’ assets. However, there are no successful cases of Bitcoin. The reasons are all This is because Hong Kong banks do not recognize cryptocurrencies. The only feasible method is to "withdraw" the cryptocurrency and then use the funds as the down payment of a home, or apply for a mortgage based on the asset level. According to the latest regulations, you have the opportunity to apply for a loan of up to 70%. It should be noted that if you apply for an asset mortgage after cashing out and converting it into cash, some banks require the customer to keep it in the account for more than 3 months. They also need to present the bank's monthly statement. If it shows that the funds were cashed out from selling cryptocurrency, the bank will be very Emphasis is placed on the source of funds or assets, and buying and selling cryptocurrency can easily involve money laundering activities. Banks may need to eliminate risks and not only refuse to approve mortgages, but may even block bank accounts.