Hong Kong’s Financial Secretary Affirms Blockchain as the Cornerstone of Internet 3.0

Hong Kong’s Financial Secretary, Chan Mo-po, emphasized the significance of blockchain technology during the 2023 Caixin Summer Summit held on June 9. Speaking about the future of the internet, Chan Mo-po stated, “The basic technology of Internet 3.0 is blockchain. Whether you like it or not, blockchain will definitely continue to develop in the future.”

Recognizing the transformative power of blockchain, Chan Mo-po highlighted its potential to build open, safe, and low-cost platforms. He further revealed Hong Kong’s plans to introduce a suitable regulatory system to foster the responsible development of Internet 3.0 and virtual assets within the region.

Chan Mo-po

Amidst a complex global political and economic environment, Chan Mo-po acknowledged that while the world economy had emerged from the haze of the pandemic, challenges persisted. Advanced economies were grappling with high inflation, leading major central banks to tighten monetary policies. However, in Asia, the situation differed. Mainland China’s economy experienced a rapid rebound, with the first-quarter of 2023 witnessing a 4.5% year-on-year increase in real GDP.

Furthermore, the financial landscape has been shaped by intense geopolitical tensions. Countries worldwide are increasingly exploring diversification strategies for their investments, shifting focus from the United States and Europe towards Asia. This approach aims to enhance the diversification and security of asset allocation.

Chan Mo-po stressed that Hong Kong is committed to leveraging its strengths and aligning with the national development strategy. The city aims to promote regional opening up and cooperation, making it an attractive destination for businesses and investors seeking opportunities in Asia.

Blockchain technology has gained significant attention globally for its potential to revolutionize various industries, ranging from finance and supply chain management to healthcare and voting systems. Its decentralized and immutable nature enhances security, transparency, and efficiency in data management, fostering trust and reducing costs.

By embracing blockchain, Hong Kong seeks to position itself as a leading hub for innovative technologies. The city’s commitment to developing a suitable regulatory framework demonstrates its determination to facilitate responsible growth and protect stakeholders’ interests in the rapidly evolving Internet 3.0 era.

As Hong Kong continues to explore the integration of blockchain technology into its existing infrastructure, it is anticipated that the city will witness the emergence of new blockchain-based platforms and solutions. These developments could pave the way for increased efficiency, security, and collaboration across various sectors, further strengthening Hong Kong’s position as a global financial and technological center.

In conclusion, Financial Secretary Chan Mo-po’s endorsement of blockchain technology as the foundation for Internet 3.0 reflects Hong Kong’s determination to embrace innovation and leverage its strengths. By fostering responsible development and introducing a suitable regulatory system, Hong Kong aims to become a key player in the blockchain revolution and capitalize on the opportunities it presents in the evolving global landscape.

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