By Alfred Romann
Cryptocurrencies continue to fuel debate among regulators and users.
The total value market capitalization of cryptocurrencies as of Oct. 28 was almost US$210 billion. Take out Bitcoin, the grandmother of crypto, and that drops to US$97 billion. The current market cap of cryptocurrencies is down to about a third of the peaks hit in January.
While many see Hong Kong as ideally positioned to become a global hub for digital currencies and internet finance, the road forward seems far from clear.
There’s no doubt Hong Kong is one of the world’s financial centres. But when it comes to crypto currencies, will Hong Kong still be in a leading position?
Bitcoin, which gained massive global public attention at the beginning in 2014 followed by a spike in its value, first surfaced in 2009. It is a payment system invented by Satoshi Nakamoto in 2008 and was introduced as open-source software one year later. It is a peer-to-peer (p2p) system where users can transact Bitcoins directly. Among other crypto currencies such as Litecoin (LTC) and Ripple, bastion remains the best-known and most widely used.