Hong Kong releases pro-crypto budget, signals increased CBDC integration with China Cryptocurrencies
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Chan said the government will allocate HKD$50 million to the Web3 Cyberport “to expedite the Web3 ecosystem development” through such activities as hosting international seminars that “enable the industry and enterprises to better grasp frontier development and to promote cross-sectoral business co-operation” along with workshops for young people.
Chan also said Hong Kong would move ahead with efforts to integrate China’s CBDC with their own program. “We will continue to take forward the application testing and preparatory work for various financial technology infrastructure projects, including"e-HKD" and"e-CNY" as cross-boundary payment facilities,” he said.
Hong Kong has been making a lot of headlines in recent weeks as they continue to push forward with blockchain technology initiatives. Last week, rumors began to circulate that the government was preparing crypto legislation to be enacted this year, and Monday, the Securities and Futures Commission launched a public consultation on the “requirements for operators of virtual asset trading platforms” ahead of the new licensing regime scheduled to take effect on June 1, 2023.
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