- It includes representatives of government agencies and business
- The Committee will implement WEB3 in all spheres of life
30 June Hong Kong authorities announced on the establishment of a Task Force to Facilitate the Development of Web3. The goal of the project is to extract potential benefits for many industries through blockchain technology.
The government notes that important principles underlie the decentralized Internet. This is the low cost, security and transparency of blockchain technology. They want to use such advantages to accelerate technical growth and business.
“Blockchain can solve many difficulties and pain points that arise in finance, trade, business transactions and even in everyday life”
The target group included 11 government officials and 15 business and industry consultants. They will provide guidance on “sustainable and responsible development of Web3 in Hong Kong”.
The initiator of the project was the financial secretary of Hong Kong, Paul Chan. He was one of the proponents of the Web3 development strategy in Hong Kong. And even allocated 50 million Hong Kong dollars ($6.37 million) from the treasury. This money will go to the development of urban blockchain projects.
In addition, the Hong Kong Web 3.0 Institute opened in April. This is a non-profit organization that will oversee collaboration in the Web3 industry. The Institute was headed by Norman Chan, former head of the Hong Kong Monetary Authority.
Last week, a leading Hong Kong asset manager announced the addition of cryptocurrencies to its ETF.