Website DesignApp DesignStartupsWebsite DevelopmentApp DevelopmentFunding
Back to News

Hong Kong: A New Starting Point for Cryptocurrency and Digital Hong Kong Dollar

The Digital Hong Kong Dollar (HKD) and the HKD Stablecoin are two completely different forms of digital currencies. The Digital HKD is issued by the Hong Kong Monetary Authority (HKMA), while the HKD Stablecoin can be issued by private institutions or commercial banks. The purpose of issuing the Digital HKD is to explore the effective use of the latest technology to meet payment demand, while the HKD Stablecoin aims to accelerate the development of the Hong Kong Web3 industry. The credit source of the Digital HKD is the HKD and the credit of the Hong Kong government, while the HKD Stablecoin relies on the credit penetration of the USD-HKD and the commercial credit of the issuing institution itself. The Digital HKD has the status of legal tender, while the HKD Stablecoin exists as a payment tool or digital asset. The Digital HKD adopts blockchain technology, possibly utilizing consortium chain technology, while the HKD Stablecoin is based on public chain technology for issuance and circulation. The Digital HKD can achieve controllable anonymity, while the HKD Stablecoin can realize effective anonymity on the chain. The Digital HKD is mainly applied in Hong Kong and related cooperative regions, while the HKD Stablecoin has a global nature, freely circulating in public chain networks and applicable to various scenarios in the Web3 ecosystem. In terms of cooperation, the Digital HKD can be integrated with the HKD Stablecoin to share resources and complement advantages. The Digital HKD pilot program has been launched, with participating institutions mainly being commercial banks and payment giants, and potential use cases mainly related to payments, tokenization of deposits, Web3 transaction settlement, tokenized asset settlement, and virtual assets closely related to the Web3 industry. As a digital financial infrastructure, the Digital HKD has the potential to serve as a bonding agent and catalyst for other digital financial infrastructures, and while strengthening the connections between various financial infrastructure systems, it enables interoperability between different financial infrastructures. Over the next ten to twenty years, the Digital HKD holds long-term value for the digital financial development of Hong Kong and even globally.

Hong Kong's Web3 industry has been developing at a rapid pace

Hong Kong's Web3 industry has been developing at a rapid pace

Hong Kong's Web3 industry has been developing at a rapid pace. Cyberport, as a wholly-owned enterprise of the Hong Kong government and a policy enforcer, has been instrumental in promoting the development of the Web3 ecosystem in Hong Kong. Since the announcement of Hong Kong's Virtual Asset Development Declaration in October last year, the industry has grown rapidly.

Read More
Cybersecurity: More than 70% of enterprises have suffered cyber security attacks in the past year

Cybersecurity: More than 70% of enterprises have suffered cyber security attacks in the past year

More than 70% of the surveyed enterprises had suffered from cyber security attacks in the past year, which is a record high. Phishing attacks are the most common type of cyber security attack encountered by almost all affected enterprises. Financial Services (64.9 points) and Information and Communications Technology (63.3 points) sectors continue to be ranked in the "Manageable" category.

Read More
HKMA's Digital Hong Kong Dollar Pilot Program

HKMA's Digital Hong Kong Dollar Pilot Program

Standard Chartered Hong Kong and Giesecke+Devrient have recently completed trials for the HKMA's Digital Hong Kong Dollar Pilot Program. These tests and experiential activities covered a range of application scenarios, including public transportation, restaurants, small businesses and university campuses.

Read More
Hong Kong Ballet hacked by ransomware

Hong Kong Ballet hacked by ransomware

The Hong Kong Ballet announced today (16th) that its computer network system has been hacked by ransomware, resulting in unauthorized access to its internal computer system. HKB has immediately conducted an internal investigation, hired a network security expert to assess the situation, and reported to the police and the Office of the Privacy Commissioner for Personal Data.

Read More
Hackers ask ransom for hacked Consumer Council computer system

Hackers ask ransom for hacked Consumer Council computer system

The Consumer Council computer system was hacked, staff and subscribers personal information may have been leaked. The hackers asked to be paid before tomorrow night $ 500,000 in ransom, the incident is following the Cyberport last month announced that there was a data leakage. Government Chief Information Officer Wong Chi-kwong met with the media this afternoon at the Government Secretariat.

Read More
Hacking to be a problem in the future

Hacking to be a problem in the future

Cyberport and the Consumer Council have been hacked and blackmailed, resulting in the leakage of personal data. Mr. Yau Tat-kan, Legislative Council Member for Technology and Innovation, pointed out that hacking will definitely be a problem in the future. He suggested that the government should subsidize small and medium-sized enterprises (SMEs) to strengthen their network security systems.

Read More
Cyberpolice International Forum to be held in France

Cyberpolice International Forum to be held in France

The Cyberpolice International Forum, organized by the Police Force, will be held for three consecutive days from today (13) The recent hacking of Cyberport has aroused public concern over cyber security. Senior police officers and cybersecurity experts from more than 40 countries or regions, including France, Australia and Israel, participated.

Read More
Cyberport says it has contacted affected individuals

Cyberport says it has contacted affected individuals

Cyberport is suspected to have lost more than 400 gigabytes of personal data to a hacking group last month. The data included personal names and contact details, information on employees, former employees and job applicants, and a small amount of credit card information. Cyberport said it had contacted the potentially affected individuals directly and would provide them with free identity monitoring services by professional security consultants.

Read More
Hong Kong's cybercrime rate rises by nearly half

Hong Kong's cybercrime rate rises by nearly half

More than 15,000 technology crimes in Hong Kong in the first half of this year, which soared by nearly half compared with the same period last year. Police jointly organized the first "Net Hunting Campaign with Cyberbay, a start-up in cyberport network vulnerability detection. During the event, network security experts discovered a total of 197 network security vulnerabilities.

Read More
The Losses of Hong Kong's Financial Industry Development

The Losses of Hong Kong's Financial Industry Development

Charles Li, the former Chief Executive of Hong Kong Exchanges and Clearing Limited (HKEX), has passed away at the age of 76. He made significant contributions to the development of Hong Kong's financial and securities industry. Zhang Huafeng, former member of the Legislative Council representing the financial services sector, expressed that his death is a loss to Hong Kong's financial industry and expressed eternal remembrance for him.

Read More
Cyberport Dollar: Pioneering the Future of Virtual Assets and International Payments

Cyberport Dollar: Pioneering the Future of Virtual Assets and International Payments

The Hong Kong Monetary Authority (HKMA) has officially launched the Digital Hong Kong Dollar Pilot Project, with 16 companies selected to participate in testing across six major application scenarios. The Digital Hong Kong Dollar will serve as a bridge between traditional currency and virtual assets, primarily used for settlement of tokenized assets and international cross-border trade payments. It is expected to reduce intermediaries and transaction costs in cross-border payments.

Read More
"Housing Association Center in the Northern Metropolitan Area Opens, First Real Estate PropTech Co-Working Space "Smart-Space PropTech" Begins Operating

"Housing Association Center in the Northern Metropolitan Area Opens, First Real Estate PropTech Co-Working Space "Smart-Space PropTech" Begins Operating

The Hong Kong Housing Society and Cyberport held an inauguration ceremony yesterday at the new office, "Housing Society Centre," announcing the establishment of the first-ever shared workspace for property technology (PropTech) in Hong Kong. The shared workspace, named Smart-Space PropTech, is located in the northern metropolitan area and has already accommodated 13 start-ups since July. These start-ups will develop innovative PropTech products and solutions and conduct concept verification and testing. This project marks the first initiative in the northern metropolitan area concerning the development of property technology.

Read More

color

border style

  • * Accept either 'px' or % as unit, e.g. 0px, 5px, 5%

typography

  • Heading (H1, H2, H3, H4, H5, H6)
  • Body Text (Paragraph, Label)
  • Link

button

  • * Accept either 'px' or % as unit, e.g. 0px, 5px, 5%
  • * First number: top and bottom padding
    * Second number: left and right padding
    * Units: px
  • Hover Effect

form