Can Hong Kong hold as glue between China and West? HK Exchange is key, says CEO
As protests continue to rock Hong Kong and China’s economy slows, concerns are rising about the Special Administrative Region’s future as Asia’s premier financial hub.
As protests continue to rock Hong Kong and China’s economy slows, concerns are rising about the Special Administrative Region’s future as Asia’s premier financial hub.
The Chinese government has identified blockchain technology development as an issue of national importance, along with other emerging technologies such as AI, deep learning and IoT. President Xi Jinping has outlined the importance of blockchain technology to China’s industrial maturity, urging continued development so China can lead the way in defining international standards.
Getting blockchain right is hard enough – not to mention building consortium, says Steve Cerveny, founder and CEO of Kaleido, a Consensys Enterprise Business that offers blockchain as a service.
Blockchain technology and digital assets have the potential to change the entire finance industry. These blockchain-powered payments networks enable cross-border payments to be hassle-free by having a standard set of technical specifications and standards – reducing confusion and ensuring that all members of the network have access to the same technology, says Ripple’s Navin Gupta.
The central bank’s digital currency efforts, ironically, would give it more control over the economy.
Identification on a protocol level could help blockchain become mainstream for blue-chip companies like MasterCard, Volvo and Geely if international regulations are met. Anonymity is “exactly what is hindering wider use of blockchain,” said Concordium CEO Lone Fonss Schroder.
The Fintech Advisory Services monthly report details the main crypto-metrics and indicators for the past month: News, Market Performance, Networks, Mining Activity, Public Sentiment, and Academic Publications. The report also covers the latest “Hot Topics” in the crypto space. This month: Facebook’s Libra, Telegram’s TON, China’s CBDC, and quantum computing.
Building artificial intelligence is a game of “surveillance machine learning” that exploits common users’ data. But blockchain technology systems promise to help compensate users for it.
Public support in India is strong for cryptocurrency ownership. But regulators’ blanket ban may lead to a gray market, increasing the chances of fraud.