Hong Kong Urged to Recognize Digital Currencies & Commit to Blockchain

An advisory body has urged the Hong Kong government to recognize digital currencies and invest in blockchain or distributed ledger technology (DLT) amid a wider FinTech-forward remit as it plays catch up to the likes of Singapore in the region.

Established in 2013, the Financial Services Development Council (FSDC) – an advisory body to the government – released a research report this week in a bid to push development of the FinTech sector in the country.

“Hong Kong has a world-class financial sector, but only a nascent FinTech sector,” an excerpt from the report read. “The aim should be to develop Hong Kong’s FinTech on a par with its mainstream finance, to secure a better future for the financial sector and for Hong Kong as a whole.”

The report highlights Mainland China as the model, “by far the world’s largest and most established FinTech market’, highlighting the use of FinTech payment methods among 40% of consumers.

A separate blockchain-specific FSDC report outlines a four-pronged strategy for Hong Kong to take

Read more ... source: CryptoCoinsNews

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