As a researcher with a background in finance and technology, I find Julia Leung’s perspective on Bitcoin and distributed ledger technology (DLT) fascinating. Her experience as the head of Hong Kong’s Securities and Futures Commission gives her unique insights into the financial industry’s evolving relationship with cryptocurrencies.
Julia Leung, head of the Securities and Futures Commission in Hong Kong, has stated that Bitcoin‘s ability to serve as a viable “alternative asset” is becoming increasingly apparent.
The head of Hong Kong’s Securities and Futures Commission, Julia Leung, believes that Bitcoin, currently the most valuable cryptocurrency by market capitalization, has proven its resilience over the past fifteen years through various market ups and downs, and is therefore likely to persist.
At the Greenwich Economic Forum, I, as the head of the Securities and Futures Commission (SFC), acknowledged the widespread doubt among my central banking and economist peers regarding the inherent worth of cryptocurrencies.
Leung emphasized that Bitcoin has demonstrated its resilience over the last 15 years, enduring numerous cycles of growth and decline, thereby proving its value as an alternative investment. However, she expressed a stronger affinity for Bitcoin’s foundational technology – distributed ledger (DLT) – than the cryptocurrency itself.
“The advantages of distributed ledger technology are evident. It can significantly improve efficiency and reduce expenses in various aspects of managing real-world assets such as distribution, clearing, settlement, and custody.”
Julia Leung
The head of the Securities and Futures Commission (SFC) spoke about the buzz surrounding non-fungible tokens (NFTs), acknowledging that they could be a passing trend. However, Leung emphasized that the underlying technology is gaining traction in the real world, leading to potential benefits such as broader financial access, fractional ownership, improved custody, and clearer asset ownership – all facilitated through blockchain technology.
As a researcher studying the potential benefits of emerging technologies like blockchain in the financial sector, I acknowledge that realizing their full potential would necessitate considerable progress. Leung specifically highlighted the need for blockchain networks to expand and reach maturity, stressing the significance of achieving interoperability among distributed networks used by financial institutions and across international borders.
Hong Kong takes a favorable view of cryptocurrencies as it strives to become a major hub for crypto businesses. This is reflected in the recent green light given for Bitcoin and Ethereum ETFs. Nevertheless, the authorities are taking a firm position against unauthorized crypto exchanges, warning that they may be shut down.
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2024-06-06 13:34