Hong Kong media: Local banks in Hong Kong have not yet recognized BTC, and employers paying wages in BTC may violate the Employment Ordinance.

According to Hong Kong media Hong Kong 01, the Hong Kong Employment Ordinance stipulates that wages must be paid in the form of money, and Cryptocurrency is not a legal currency, so employers paying wages in BTC may violate the law. Technology companies have used BTC as a starting red envelope or reward without major legal issues, but even if employees continue to receive BTC as rewards or bonuses, or mention BTC income in tax returns, banks will not accept it, and borrowers can only calculate DTI based on wages, bonuses, and commissions received in legal currency. In addition, local banks in Hong Kong currently only accept cash, stocks, foreign currency, Hong Kong properties, funds, and bonds. Some banks also accept insurance policies with no premium financing as assets for applicants. However, there have been no successful cases involving BTC because Hong Kong banks do not recognize cryptocurrency. The only feasible method is to cash out cryptocurrency and use the funds as down payment for property purchase, or apply for a mortgage based on asset level. According to the latest regulations, there is a chance to obtain a loan of up to 70%.