https://www.scmp.com/rss/506986/feed Hugh Harsono writes regularly for multiple publications about cyberspace, economics, foreign affairs and technology. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Hugh Harsono Hugh Harsono Mere days after her election as Japan’s new prime minister, Sanae Takaichi delivered a policy speech declaring that a major priority was to build a strong and resilient economy. Since then, her administration has ushered in a rapid-fire series of policies to support digital assets, with the goal of countering Japan’s sluggish economic growth. This shift has introduced a new dynamic in Asia, with Tokyo clearly no longer content to watch Hong Kong become Asia’s premier cryptocurrency hub. Instead,... https://www.scmp.com/opinion/hong-kong-opinion/article/3333264/japan-takes-aim-crypto-first-mover-hong-kong-must-look-out?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3333264/japan-takes-aim-crypto-first-mover-hong-kong-must-look-out?utm_source=rss_feed Fri, 21 Nov 2025 01:30:09 +0000 Hugh Harsono Hugh Harsono On January 23, US President Donald Trump issued an executive order creating a working group for a regulatory framework for digital assets. Ironically, this order also imposed a ban on US central bank digital currency (CBDC) development, effectively halting plans to create a digital version of the dollar. This decision could unintentionally accelerate global de-dollarisation, as countries and businesses may increasingly turn to alternatives like China’s digital yuan for cross-border transactions,... https://www.scmp.com/opinion/world-opinion/article/3297187/trumps-digital-dollar-ban-opens-door-chinas-yuan?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3297187/trumps-digital-dollar-ban-opens-door-chinas-yuan?utm_source=rss_feed Tue, 04 Feb 2025 08:30:08 +0000 Last month, China’s top courts published a judicial review on cryptocurrencies, online game coins and tips given to live-streamers. Such transactions, including transfers and conversions, are now included in money laundering activities. Chinese officials pointed to criminal usage of virtual currencies and game coins to evade China’s capital controls and to enable cross-border transactions. This increasing effort to curb illicit financial activities conducted via digital assets highlights the... https://www.scmp.com/opinion/china-opinion/article/3278744/will-chinas-latest-crypto-crackdown-stifle-its-gaming-industry?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3278744/will-chinas-latest-crypto-crackdown-stifle-its-gaming-industry?utm_source=rss_feed Tue, 17 Sep 2024 12:30:09 +0000 In China’s not so distant past, the latest iPhone was a status symbol and the grey market thrived as a way to get it to consumers faster and cheaper. Fuelled by price arbitrage and early access, iPhones from Hong Kong flooded the mainland market in the early 2010s. But times have changed. Through China’s iPhone grey market, the evolving desires of Chinese consumers can be explored. The shift from seeking pure novelty to prizing value and unique features is changing the game, with domestic brands... https://www.scmp.com/opinion/china-opinion/article/3266157/what-decline-iphone-grey-market-says-about-chinas-consumer-landscape?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3266157/what-decline-iphone-grey-market-says-about-chinas-consumer-landscape?utm_source=rss_feed Wed, 12 Jun 2024 12:30:09 +0000 Hugh Harsono Hugh Harsono Japan’s recent launch of a second-phase study into a potential central bank digital currency (CBDC) shows that serious steps are being taken towards a digital yen and highlights a potential shift in attitude towards Japan’s deeper involvement in the Web 3.0 digital economy. In a report last month that declared proof of concept in the first-phase study, the Bank of Japan repeated its stance that it has “no plans to issue” a CBDC. But it also said that, “to ensure the stability and efficiency of... https://www.scmp.com/comment/opinion/article/3182149/how-japans-foray-digital-yen-could-be-its-key-web-30-universe?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3182149/how-japans-foray-digital-yen-could-be-its-key-web-30-universe?utm_source=rss_feed Mon, 20 Jun 2022 02:30:12 +0000 Hugh Harsono Hugh Harsono Russia’s invasion of Ukraine has resulted in an escalating flurry of responses from governments, regulators and international financial institutions alike. These actions included economic sanctions and the removal of Russian banks from the Swift global payment system. This has led to the rouble sliding in value and the Russian central bank raising its key interest rate. As a result, there is increasing interest in and concern over the potential use of cryptocurrencies by Russian threat actors to... https://www.scmp.com/comment/opinion/article/3170527/why-cryptocurrencies-will-not-solve-russias-sanctions-problem?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3170527/why-cryptocurrencies-will-not-solve-russias-sanctions-problem?utm_source=rss_feed Wed, 16 Mar 2022 17:30:21 +0000 Hugh Harsono Hugh Harsono The recent explosion of art non-fungible tokens has given rise to many such NFT projects throughout the world, with sales in the billions of dollars in 2021. Current top NFT projects include Ethereum-based CryptoPunks, the Bored Ape Yacht Club and Decentraland, to name but a few. The growth of consumer interest and rise in prices have sparked a debate on what some have called the unethical nature of art NFTs, pointing to their adverse environmental impact and apparent ability to attract scammers... https://www.scmp.com/comment/opinion/article/3164814/wild-west-art-nfts-needs-regulating-government-oversight-not-answer?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3164814/wild-west-art-nfts-needs-regulating-government-oversight-not-answer?utm_source=rss_feed Thu, 27 Jan 2022 05:30:20 +0000 In November, Samsung announced the building of a US$17 billion chip plant in the city of Taylor, Texas. According to Governor Greg Abbott, Samsung’s move marked the “largest foreign direct investment in the state of Texas”. While the factory will change the dynamics in Taylor, it also has significant implications for the global semiconductor supply chain as a whole. Semiconductor supply chains factor in a different elements. Production revolves around the three segments of semiconductor design,... https://www.scmp.com/comment/opinion/article/3159246/samsungs-texas-chip-plant-can-help-us-get-back-global-semiconductor?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3159246/samsungs-texas-chip-plant-can-help-us-get-back-global-semiconductor?utm_source=rss_feed Sun, 12 Dec 2021 13:00:20 +0000 Sandwiched between war-torn Afghanistan and tech-savvy India, Pakistan attracts little attention in the world of start-ups. But Pakistan’s start-up ecosystem has great potential and understanding this is critical for investors, start-ups and developed economies alike. Pakistan’s young population, high mobile penetration rate and relative political stability are all economic driving factors that can change the course of its future. But to catapult itself into modern competition, Pakistan needs... https://www.scmp.com/comment/opinion/asia/article/3149210/how-pakistans-young-economy-can-harness-power-blockchain?utm_source=rss_feed https://www.scmp.com/comment/opinion/asia/article/3149210/how-pakistans-young-economy-can-harness-power-blockchain?utm_source=rss_feed Sun, 19 Sep 2021 06:30:24 +0000 Hugh Harsono Hugh Harsono Non-fungible tokens (NFTs) have exploded in popularity in recent years, being used to represent unique objects such as the iconic Doge meme, exclusive releases of Kings of Leon music, and items from popular games like CryptoKitties. Additionally, NFTs provide authentication for a variety of other assets by offering a blockchain-based certificate of authenticity for such items. The digital artwork craze tied to NFTs has created a significant market, worth over US$250 million last year. This... https://www.scmp.com/comment/opinion/article/3145348/potent-mix-art-nfts-cryptocurrencies-and-central-bank-digital?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3145348/potent-mix-art-nfts-cryptocurrencies-and-central-bank-digital?utm_source=rss_feed Wed, 18 Aug 2021 22:45:11 +0000 Recent cyberattacks against Colonial Pipeline, meat-processor JBS and other organisations highlight the urgent need to increase cybersecurity around critical infrastructure in the United States. Ensuring proper cybersecurity measures must remain a priority for private and public companies, especially given the increasingly online and digital nature of operating systems today. Currently, many industrial control systems are run by supervisory control and data acquisition (SCADA) systems, which are... https://www.scmp.com/comment/opinion/article/3140135/how-blockchain-can-help-prevent-cyberattacks-colonial-pipeline-hack?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3140135/how-blockchain-can-help-prevent-cyberattacks-colonial-pipeline-hack?utm_source=rss_feed Wed, 07 Jul 2021 14:00:22 +0000 Hugh Harsono Hugh Harsono Non-fungible tokens (NFTs) have exploded in popularity over the last year or so, their adoption increasingly commonplace as more people take up digital currency. As unique digital tokens, NFTs are typically used for collectible items such as artwork or music, and exist as units of data on a blockchain with extra information stored in them. While copies can be made, the value of the NFT itself is due to its one-of-a-kind nature, and also set by the market and by demand. In contrast, traditional... https://www.scmp.com/comment/opinion/article/3137032/central-banks-explore-digital-currency-could-nft-bonds-be-future?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3137032/central-banks-explore-digital-currency-could-nft-bonds-be-future?utm_source=rss_feed Sun, 13 Jun 2021 06:30:00 +0000 Indonesia is pushing the adoption of artificial intelligence (AI) and a big part of this effort is focused on developing a vibrant medtech ecosystem to help solve the country’s pressing health care issues. In early 2020, Indonesia announced a national-level AI strategy, initiated by its Agency for the Assessment and Application of Technology (BPPT). With support from the National Research and Innovation Agency (BRIN), this strategy placed significant emphasis on developing AI for public... https://www.scmp.com/tech/article/3106591/how-indonesia-pushing-medtech-and-insurtech-key-pillars-ai-blueprint-improve?utm_source=rss_feed https://www.scmp.com/tech/article/3106591/how-indonesia-pushing-medtech-and-insurtech-key-pillars-ai-blueprint-improve?utm_source=rss_feed Sun, 25 Oct 2020 03:00:16 +0000 Hugh Harsono Hugh Harsono The digital payments market in China helped revolutionise the global e-payments industry, with China playing a significant role in the initial adoption and implementation of e-payments as a whole. The presence of Chinese-based virtual payment systems throughout the world points to the success that Chinese organisations have had in the areas of customer education, acquisition, and usage. China’s lead in the digital payments industry is now ready for another milestone – the first state-backed... https://www.scmp.com/tech/article/3102304/how-chinas-digital-currency-could-impact-countrys-fintech-start-ups?utm_source=rss_feed https://www.scmp.com/tech/article/3102304/how-chinas-digital-currency-could-impact-countrys-fintech-start-ups?utm_source=rss_feed Sun, 20 Sep 2020 22:00:10 +0000 Indonesia’s start-up economy is booming, underpinned by factors such as a relatively young median age of 29, a mobile-first approach to the internet and a booming e-commerce ecosystem, with Indonesia placing as the eleventh largest market for e-commerce in 2019 with a market size of US$19 billion. Indonesian start-ups have scaled globally over the last two decades, counting among them super-app Go-jek, e-commerce focused Tokopedia, and education-specific Ruangguru. As Indonesia moves forward,... https://www.scmp.com/tech/article/3098596/why-indonesia-poised-become-next-ai-start-hub?utm_source=rss_feed https://www.scmp.com/tech/article/3098596/why-indonesia-poised-become-next-ai-start-hub?utm_source=rss_feed Mon, 24 Aug 2020 21:45:16 +0000