The Recent Rise in Bitcoin Generates Conversation
The Hong Kong Securities and Futures Commission’s CEO, Leung Fung-yee, recently made a statement regarding the notable surge in the value of Bitcoin. She acknowledged the growing popularity of the cryptocurrency but focused on the blockchain technology that underpins it. She claims that the commission’s main goal is to use blockchain technology to transform financial technology and services, not the success of cryptocurrencies on the market.
Promoting a Fintech Ecosystem Based on Blockchain
Leung highlighted how blockchain technology may be used to build an entire finance ecosystem. She clarified that innovations like tokenised bonds and investment products are part of this ecosystem. By providing faster and more dependable transactions, the goal is to increase the effectiveness of conventional financial settlements. She pointed out that by incorporating blockchain into its fundamental functions, such developments might completely transform the financial services industry.
Examining Digital Currencies’ Potential
Leung emphasised the revolutionary potential of stablecoins and central bank digital currencies (CBDCs) at a recent industry gathering. She pointed out that these digital currencies have the potential to drastically reduce transfer costs, increasing the affordability and accessibility of cross-border transactions. Stablecoins and CBDCs may open the door to a more integrated financial system by resolving inefficiencies in the current framework.
Promoting Technological Development
Leung emphasised how crucial it is to let blockchain technology and virtual currencies develop naturally. She maintained that in order to promote creativity and guarantee that these technologies develop into reliable, effective platforms, patience is crucial. Her comments demonstrate her dedication to offering the regulatory backing required for these cutting-edge technologies to gradually change the financial environment.
