Gov’t to study feasibility of digital currency

Chief Executive Ho Iat Seng has told parliament that the government would conduct studies and consultations on the feasibility of digital currency. Relatively satisfied with the spread of mobile payment across the city, the official stated his position that digital payment would be a key area for the future. He commended the currency issuance law for providing a solid legal foundation for digital currency, and argued that the lack of any legal base will lead to chaos similar to the cryptocurrency saga in Hong Kong. While promising that the banking industry will be consulted, Ho underlined that security will be prioritized to give confidence to the broad range of funds.