Hong Kong's Approach to Cryptocurrency and AI Development Discussed by Financial Secretary

According to Odaily, Hong Kong's Financial Secretary, Paul Chan, stated during a program appearance today that the region's economy grew by 3.2% last year. Addressing the development of virtual currencies and artificial intelligence, Chan emphasized that virtual currency is a part of financial innovation that Hong Kong should embrace. However, he noted that the confidentiality of blockchain technology might lead to insufficient investor protection, impact anti-money laundering efforts, and pose threats to financial stability. Chan stressed the importance of the Hong Kong government handling these issues cautiously by integrating them into an appropriate regulatory framework. Additionally, he expressed skepticism about promoting virtual currency investment to the public, advocating for enhanced public education and awareness.