Chen Maobo: Virtual currency is part of financial innovation, and Hong Kong should embrace it but handle it with caution

The Financial Secretary of Hong Kong, Paul Chan, stated during a program today that Hong Kong's economy grew by 3.2% last year. Regarding the development of virtual currencies and artificial intelligence, Chan pointed out that virtual currencies are part of financial innovation, and Hong Kong should embrace them. However, he noted that the confidentiality of blockchain technology may lead to insufficient investor protection, impact anti-money laundering efforts, and pose risks to financial stability. He emphasized that the Hong Kong government must handle this cautiously and incorporate it into an appropriate regulatory framework. At the same time, Chan expressed concerns about promoting virtual currency investment to the public, believing that there should be an emphasis on public education and awareness.