Hong Kong’s Financial Secretary Paul Chan Mo-po Sees Potential in Web3 and Blockchain
Hong Kong’s Financial Secretary, Paul Chan Mo-po, believes that web3 and blockchain technology have the potential to drive the city’s next phase of tech-driven growth. He spoke about this at the 2023 Digital Entertainment Leadership Forum, highlighting the transformative growth that web3 and blockchain can bring to industries such as entertainment and digital assets. Chan mentioned specific areas of interest, including NFTs, Play-to-Earn models, and immersive entertainment. He emphasized that the benefits of blockchain extend beyond entertainment, with applications in finance, commerce, trade, supply chain management, and daily life.
Key Points:
- Web3 and blockchain technology are seen as catalysts for Hong Kong’s next growth phase.
- Entertainment industries like NFTs and immersive entertainment have garnered substantial investments.
- Blockchain’s attributes of immutability, security, transparency, and cost-effectiveness have applications beyond entertainment.
- Hong Kong is allocating $50 million to Cyberport to accelerate the development of a web3 ecosystem.
- A task force on web3 development was formed to ensure steady and sustainable growth in the industry.
Hong Kong is actively pursuing web3 development and is committed to leveraging technological innovation for economic development. The government’s investment in Cyberport and the formation of a task force demonstrate Hong Kong’s determination to embrace the opportunities presented by this tech-driven era. As an international financial hub and tech-oriented metropolis, Hong Kong aims to foster economic growth and benefit its citizens through the adoption of web3 and blockchain.
Hot Take: Hong Kong’s focus on web3 and blockchain is a strategic move to position the city as a leading player in the tech industry. By investing in the development of a web3 ecosystem and embracing the potential applications of blockchain, Hong Kong can capitalize on the emerging opportunities and cultivate a thriving digital economy.
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