Discover how a leading member of Hong Kong ‘s Legislative Council is proposing the creation of semi-private and public blockchains to position the city-state as a Web3 hub. An initiative that is generating interest and opening up new prospects for Hong Kong’s future.
In the midst of Hong Kong’s effervescence, a bold proposal has emerged : the creation of its own blockchains. Johnny Ng Kit-chong, an influential member of Hong Kong’s Legislative Council, recently sparked enthusiasm by proposing the establishment of a semi-private blockchain and a public blockchain to propel the city-state to new horizons as a Web3 hub.
A bright future for Hong Kong!
On social networks, Johnny Ng Kit-chong used Twitter to share his innovative idea. He launched a poll inviting citizens to express their opinion on the creation of dedicated blockchain networks in Hong Kong. In his view, in order to strengthen Hong Kong’s position as a Web3 hub, the government and regulators should commit to the establishment of a semi-private blockchain to integrate all financial services, as well as a public blockchain to promote everyday applications.
The poll captured the attention of the community and garnered many votes. At present, almost 75% of voters support the idea of creating blockchains for Hong Kong. The proposal comes at a time when Hong Kong is turning decisively towards the world of crypto and Web3, looking to embrace the opportunities they offer.
Indeed, the British colony recently introduced new regulations for crypto-exchange platforms, demonstrating its commitment to this new industry. It has also announced the formation of a working group dedicated to accelerating the development of Web3. These initiatives have already attracted several major players in the crypto industry, who see Hong Kong as fertile ground for their activities.
The future looks bright for Hong Kong, which has clearly stated its ambition to become an innovation hub for emerging technologies. By also planning to introduce rules governing stablecoins next year, Hong Kong is confirming its commitment to a digital future and establishing itself as a player to watch in the rapidly expanding Web3 ecosystem.