Hong Kong’s Financial Chief Backs Blockchain’s Rise as Next Digital Frontier

Hong Kong’s financial secretary, Paul Chan Mo-po, has voiced his support for blockchain technology, seeing it as the next frontier for “breakthrough growth” in the digital tech industry.

In a blog post on August 27, Chan highlighted the emerging sectors of Web3, including NFTs, GameFi, Play-to-Earn gaming, and immersive entertainment, as the leaders of the next generation of digital entertainment. He emphasized that blockchain’s core attributes, such as disintermediation, security, transparency, immutability, and cost-effectiveness, have applications in finance, commerce, trade, supply chain management, and daily life.

Chan’s remarks followed his visit to a blockchain-focused event in Hong Kong called the Digital Entertainment Leaders Forum, hosted in Cyberport. He revealed that he had allocated an additional $50 million to Cyberport to support the development of a vibrant Web3 ecosystem, which already houses over 180 Web3-related tech companies, including startups and exchanges. Hong Kong’s favorable stance on crypto and commitment to Web3 development positions it as a global digital asset hub.

Clever Robot News Desk 29^th August 2023