Crypto Volatility Won’t Stop Hong Kong Web 3.0 Adoption

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  • Hong Kong will press ahead with its Web 3.0 adoption plans despite the volatile nature of cryptocurrencies
  • The region has had frameworks for crypto in place for many years
  • Hong Kong recently committed $6.4 million toward building out a Web 3.0 offering

Hong Kong is still keen on pushing ahead with the adoption of Web 3.0 despite the volatility of the markets, according to the country’s Financial Secretary. Paul Chan expressed his belief in a blog post on Sunday that now is the right time to promote the adoption of Web 3.0 technology in the administrative region, identifying the technology as one of the three key focus areas in Hong Kong’s budget planning. This comes just weeks after the Hong Kong government boosted Web 3.0 adoption by setting up a task force and allocating it an annual $6.4 million budget.

Hong Kong Well Placed for Web 3.0 Adoption

Hong Kong has been taking a more positive stance toward the digital revolution in recent months, starting in the middle of last year when it was revealed that the region planned to legalize cryptocurrency trading and work to become a cryptocurrency hub. The country has had a cryptocurrency framework in place for years, and so is much better placed than some when it comes to moving ahead with the adoption of things like Web 3.0.

In his blog post, Chan drew parallels between the current state of the cryptocurrency industry and the early days of the internet in the 2000s, highlighting the presence of the significant “bubble” that eventually burst and led to the removal of weak players. As a result, the market became more subdued, allowing for the promotion of real-world use cases. Of course, the crypto market experiences this on a regular basis, so it’s a slightly different kettle of fish, although the sentiment remains the same.

Two-day Summit Will Look at Potential Use Cases

Chan added in order for Web3 to achieve sustained innovative development, a strategy that prioritizes both “proper regulation” and “development promotion” will be implemented, emphasizing that in terms of proper supervision, measures will be taken to ensure financial security, prevent systemic risks, provide investor education and protection, and combat money laundering.

Chan further revealed that the upcoming two-day Digital Economy Summit in Hong Kong will analyze the adoption of Web3 technologies from both a state and global perspective.