Hong Kong Financial Secretary Paul Chan Mo-po has called blockchain technology a “breakthrough” in recent statements. Specifically, Chan discussed the technology in an August 27th blog post, discussing Web3, NFTs, and Game Fi and their immense potential.
Chan discussed the growth of the digital technology industry and how that could impact digital entertainment moving forward. Moreover, the Hong Kong secretary reiterated his support for the technology and its importance.
Hong Kong Financial Secretary Talks “Breakthrough Growth” of Blockchain Technology
The digital asset industry has seen a massive rebound in 2023, as has the totality of digital technology. Moreover, that kind of growth and relevance have led various countries and regions to express their perspectives on the growing sector. Subsequently, one Hong Kong official has stated his support for its growth.
Specifically, Hong Kong Financial Secretary Paul Chan Mo-po has called blockchain technology a “breakthrough” in a recent blog post. Indeed, he expressed his excitement over the potential that the industry and sector have for digital entertainment.
Chan stated, “The core blockchain technology of Web3, with its characteristics of disintermediation security, transparency, immutability, and low cost, can be applied in many fields such as finance, commerce, trade, supply chain, management, and even daily life.”
Moreover, Chan recently attended the Digital Entertainment Leaders Forum, which focused on blockchain technology in Hong Kong. There, he noted that $50 million of the allocated annual budget was dedicated to the Web3 ecosystem. Coinciding with Hong Kong’s embrace of the industry as a whole, counteracting China’s firm stance against digital assets.