Hong Kong Securities Chief Highlights Blockchain's Role in Financial Innovation

According to PANews, the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Leung Fung-yee, has noted the recent strong surge in Bitcoin's value. However, she emphasized that the commission's primary focus remains on the blockchain technology underpinning virtual assets and the financial technology and services it generates. This focus aims to accelerate the development of a fintech and blockchain-based ecosystem, which includes tokenized bonds or investment products, to enhance the efficiency of traditional financial settlements. During a recent event, Leung highlighted the potential of central bank digital currencies and stablecoins to reduce remittance costs. She advocated for allowing these technologies to mature, suggesting that they could eventually form a more stable and efficient platform. Her remarks underscore the importance of giving emerging technologies the opportunity to develop into robust solutions that can transform the financial landscape.