15/11/2018-8

Cryptocurrency standardization helps development

I have been in the IT industry for many years, and I have met many high-ranking people. I have had a meal with a high-ranking person in the industry and a high-profile Mr. Gao. In the past two years, he has founded LikeCoin with one foot and one foot, and he has made a name for himself in the industry. But the LibertyCoin he runs is not purely for money. What is it called?

In recent years, seeing the media are all on the Internet, online media has become a major trend, but it is not easy to earn advertising fees online. Even if a report has 10,000 Likes, the actual meaning is actually not big. One of the meanings of LikeCoin’s birth is to turn “Like" into “Coin" and hope to turn Like this into a practical reward so that different online media can continue to survive.

However, between chatting with Gao, I found it difficult to create a cryptocurrency in Hong Kong. The Hong Kong Government’s policy on innovation and technology is actually very vague. On the one hand, it often talks about the benefits of the blockchain. On the other hand, it is very jealous of cryptocurrencies. It does not want to be confirmed, but it does not dare to “all-in-one" prohibit any cryptocurrency transactions. As the cryptocurrency seems to share a car, it has fallen into the “Bermuda Triangle" of Hong Kong’s scientific and technological community, letting it go its own way. In fact, it is not good for developers who develop financial technology and investors who invest in cryptocurrency.

Many supporters of cryptocurrencies believe that the government should not have too much regulation. Gao always has similar ideas to me. We all hope that the government can at least standardize cryptocurrencies to enable the industry to operate effectively and protect cryptocurrencies. Investors will not easily suffer financial losses.

Coincidentally, on the day of our chat (November 1), the CSRC issued a statement stating that virtual asset fund investment companies and distributors such as cryptocurrencies will be included in the scope of supervision. If conditions are ripe, they will be regulated. Although the government’s decision is long overdue, it is hoped that these guidelines will help cryptocurrencies grow healthily in Hong Kong, rather than further killing subversive technology in Hong Kong.