There are serious plans for the future that Hong Kong and the state of China have. Hong Kong sees itself as the foundation of the country's progress. Their goal is to become the center of everything. The Legislative Council member Johnny Ng has decided to use his social media platform to support the cryptocurrency community, which has been going through a lot of trouble lately.
Coinbase receives special attention from Ng. Several days ago, the Securities and Exchange Commission filed a lawsuit against Binance and Coinbase, and support for them was widespread across the world, including support from China.
The future holds a lot of promise for Ng. Cryptocurrencies were viewed with skepticism by many countries around the world. Their belief is that such things do nothing but damage the existing system and create even bigger problems in the future.
However, China, more specifically Hong Kong, has a completely different view of the situation. Their goal is to become one of the centers of the crypto world and they want to support the crypto world in the best possible way.
There were already some regulations in place in Hong Kong several months ago that were designed to assist in the achievement of this goal.
Hong Kong Monetary Authority (HKMA) plans
It came as a surprise to everyone when the Hong Kong Monetary Authority (HKMA) unveiled its plans.
Namely, they want to establish a central bank digital currency (CBDC). According to them, this is a great opportunity that will have enormous advantages for both the state and the citizens in the long run. A lot of things will be made easier by this, and many problems that have been bothering people for a long time will be solved.
Hong Kong has received support from China's leading people who believe this is a great thing. The South Korean company Samsung, which you all know very well, is planning to introduce an active fund to trade bitcoin futures on the Hong Kong stock exchange.
The intentions of the Chinese and Hong Kong authorities are clear. They believe in the future of crypto. We will see if this will cause a chain reaction, and if others will decide to do the same.
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