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The Hong Kong government issued a policy statement this month on the development of virtual assets in the city. Illustration: Reuters

Letters | Why Hong Kong should rethink its cryptocurrency hub ambitions

  • Readers discuss Hong Kong’s cryptocurrency ambitions, criticise the US-China Economic and Security Review Commission report, and point to the benefits of Singaporeans being exposed to different perspectives
Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification.
I am both surprised and dismayed by the financial secretary’s recent announcement of the government’s intention to develop Hong Kong into a cryptocurrency hub.
Quite a few countries have already banned cryptocurrency trading. It is banned in mainland China. They recognise the inherent risks of allowing such transactions including fraud, money laundering and difficulty in enforcing regulations to protect investors.
On a macro scale, the mining of cryptocurrency is energy-intensive and wastes a great deal of limited natural resources to produce an asset whose only uses are to hide the identity of the trader as well as to engage in speculation. It ignores the larger issues of climate protection and the wasting of valuable resources which can otherwise be used for helping the vulnerable and underprivileged in our societies.

I fail to see how the development of a cryptocurrency hub would benefit our society in terms of creating employment opportunities for our youth or adding to our economic benefits. I respectfully ask the government these questions before they proceed with such a course of action. It is worth remembering the saying, “All that glitters is not gold.”

T.C. Ng, North Point

US report doesn’t reflect Hong Kong’s reality

Findings by the US-China Economic and Security Review Commission with regard to Hong Kong bear scant resemblance to the city we live in. Should an average American family see the quality of life in Hong Kong, they would question why, in their supposed great democracy, they don’t have effectively free healthcare, streets that are largely safe from crime, all children attending school without having to pass through metal detectors, low taxation and an environment where entrepreneurial endeavours can be achieved overnight. The report is a great piece of fiction portraying American ignorance versus the reality of Hong Kong and China.

Mark Peaker, The Peak

Singaporeans benefit from exposure to different views

I am writing with reference to the letter from the consul general of Singapore in Hong Kong, “Global talent always welcome in Singapore”(November 22). He seems to suggest that the Post confine itself to reporting on Singaporean matters only for an international audience, and ends his letter with a vague threat that if the Post were to end up “shaping public opinion in Singapore, that’s a different matter”.

As a Singaporean working in Hong Kong, I read the media based here as well as that based in Singapore. In this day and age, there are many people in Singapore and Singaporeans living abroad who read international publications. Exposure to different perspectives broadens the mind and makes one think.

Irrespective of the arguments for or against any given issue, it would behoove the Singapore government – and its representatives in Hong Kong – to place some trust in the mental abilities of the Singaporeans it serves and not attempt to dictate what they read.

Steven Pang, Tai Wai

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