Hong Kong Gold Exchange Collaborates with Alibaba on Blockchain Development

Hong Kong Gold Exchange held its New Year opening ceremony yesterday, marking the beginning of the Year of the Fire Horse. According to ChainCatcher, during the event, Chairman Zhang Dexi announced that the exchange has officially partnered with a subsidiary of Alibaba Group to develop a blockchain for digital commodities, along with an international precious metals trading platform and settlement system. This initiative aims to unify risk management and regulatory systems for Hong Kong's spot, futures, digital gold, BtoC trading, actuarial center, and over-the-counter (OTC) transactions. The development is expected to be completed within six months, with hopes of integrating into the 'Hong Kong Gold Central Clearing System' established by the Special Administrative Region government.