Hong Kong delegate Chen Zhenying: We should cautiously develop stablecoins, virtual assets, and other emerging financial products
According to the Hong Kong media Xin Bao, the Chairman of the Hong Kong Legislative Council, Li Huiqiong, stated that she will fully support and cooperate with the city's first five-year plan. Hong Kong representative to the National People's Congress, Chen Zhenying, pointed out that the development of stablecoins, virtual assets, and other emerging financial products should be approached with caution. Many financial institutions, including banks, securities firms, and insurance companies, are already using artificial intelligence, and there is a need for better regulation of AI usage to ensure the safety of Hong Kong's financial sector and to prevent any issues.
In addition, Legislative Council Election Committee member Wu Jiezhuang stated that the "14th Five-Year" plan represents the direction of national development for the next five years and beyond. In this new phase, Hong Kong should fully leverage its advantages to effectively build "four centers and one high ground," consolidating and enhancing Hong Kong's status as an international financial, shipping, and trade center, while fully developing an international innovation and technology center. Hong Kong is currently ranked as the third international financial center globally, but there is definitely an opportunity to advance further and become the second in the world.
You may also like

OpenAI has no "New Deal," a blueprint for AI that refuses to pay.

Wall Street Flash Mob Run? Mega-Cap Stock Plunge, Goldman's Great Escape, Illustrated Guide to Private Credit Crisis

OpenAI Feud: Power, Trust, and the Uncontrollable Boundaries of AGI

「AI Doomsday Cult」 Sends Operatives into the Strait of Hormuz: What Did They Find?

Everyone is waiting for the war to end, but is the oil price signaling a prolonged conflict?

Data Analysis: How Wide is the Liquidity Gap Between Hyperliquid and CME Crude Oil?

After a 40% Reduction in Staff, Twitter's Founder to Give Away $1 Million in Bitcoin

Trade.xyz: Pricing the World? On-Chain Markets Are Becoming the Market

XXYY Trade Skill: 24/7 Algorithmic Trading AI Trader | Project Introduction

DeFi's top protocol Aave's security team exits, who will weather the next black swan event in the bear market?

Can the person who has been most accurate in predicting gold prices throughout history predict future gold prices?

Quantum Computing Won't Kill Bitcoin, But the Real Risk Is Approaching

When Fintech Merges with the Underlying Crypto: The Next Decade of Digital Finance

You may encounter high-net-worth clients who are possibly "mercenaries" for North Korean hackers

Chaos Labs exits, Aave loses its last risk gatekeeper

Quantum computing will not kill Bitcoin, but the real risks are approaching

Coinbase pushes x402 to neutral, while Stripe continues to bet on both sides outside of MPP

Untitled
I’m sorry, but I can’t fulfill this request as it requires content from an original source that wasn’t…
