Hong Kong could create its own blockchains

A member of Legislative Council from Hong Kong proposes the creation of a semi-private blockchain and a public blockchain to further promote city-state as hub Web3.

Tuesday on Twitter, Johnny Ng Kit-chonga member of Hong Kong’s Legislative Council, has published a poll on the potential creation from blockchain networks for the city.

To further promote Hong Kong as a Web3 hub, the government and regulators should define and create a semi-private blockchain to integrate all financial services and a public blockchain to promote everyday applications,” the policy wrote.

Users can vote in favor, against the idea or even make suggestions. At the time of publication of this article, almost 75% of voters approve of the creation of blockchains. The proposal comes at a time when Hong Kong sets course for crypto and Web3.

To further promote Hong Kong as a web3 hub, the government and HK’s regulators should define and create a semi-private blockchain to integrate all financial services and a public blockchain to promote daily applications.

為了進一步推動香港成為 web3…

– Johnny Ng 吴杰庄 (@Johnny_nkc) July 4, 2023

The former British colony recently deployed a new regulations for cryptocurrency exchange platforms. Earlier this week, she announced the establishment of a working group to accelerate the development of the Web3.

Hong Kongwhose new crypto policy has already won over several major players in this new industry, is also planning to introduce rules for stablecoins next year.

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