Paul Chan: Virtual Currency is Part of Financial Innovation, Hong Kong Should Embrace It but Must Handle with Caution

Odaily News Hong Kong Financial Secretary Paul Chan stated during a program today that Hong Kong's economy grew by 3.2% last year. Regarding the development of virtual currency and artificial intelligence, Chan pointed out that virtual currency is part of financial innovation, and Hong Kong should embrace it. However, the confidentiality of blockchain technology may bring risks such as insufficient investor protection, impacts on anti-money laundering efforts, and threats to financial stability. He emphasized that the Hong Kong government must handle this cautiously and incorporate it into an appropriate regulatory framework. At the same time, Chan expressed reservations about promoting virtual currency investment to the general public and believes that education and awareness efforts should be strengthened. (Hong Kong Commercial Daily)