Top blockchain and crypto news: Hong Kong rethinks digital assets. CBDC to debut in India. China’s e-yuan privacy problem.
While October saw the emergence of two very popular NFT collections, sales failed to break US$500 million in the lowest figures since July 2021.
Hong Kong will increase funding for startups, including fintech companies, Secretary for Commerce and Economic Development Algernon Yau said on Tuesday.
A hybrid middle ground between Web 2.0 and Web 3.0 is necessary before full Web 3.0 integration, argued Jehan Chu, co-founder and managing partner of blockchain venture capital firm Kenetic Capital, adding that “it’s not the fully decentralized future we were promised, but it’s the one we’re going to get first.”
Hong Kong reveals digital asset policies to distinguish itself from China, where cryptocurrency trading was banned in September last year.
The founder of crypto exchange FTX, which moved out of Hong Kong in 2021, said that the city could emerge as a Web3, blockchain and cryptocurrency hub.
Trading volume on cryptocurrency exchange Crypto.com has slumped about 90% in the 12 months since the company’s “fortune favors the brave” ad.
New York-based technology consulting firm, Activate Consulting, has projected that 2023 will see “the end of NFTs hype cycle” with the token class expected to undergo major changes in how they are used and regarded.