Hong Kong wants to be the world’s home for virtual assets Hong Kong is trying to push its vision of a local virtual asset (VA) industry in the hopes of developing a new revenue stream for the country. The plan includes licensing regimes for asset providers, regulatory regimes for cryptocurrencies, pilot programs and the opening of retail investments. “The government, in conjunction …
You got there before I did. As I said in response to a similar story a couple of weeks back, it's clear that "one country, two systems" has been effectively dead in all but name since the 2019/20 crackdown, as are any supposed protections it offered.
The legal distinction and bureaucratic machinery might still be in place, but the Chinese government has made clear that it can- and will- interfere with and override anything they don't like. No-one with any sense would risk relying upon that any more; to all intents and purposes, Hong Kong is now simply a part of Mainland China.
Couple this with the increasingly autocratic and hostile direction in which Xi Jinping is taking the country (particularly from the point of view of foreign investors), and no-one with half a brain is going to touch this proposal with a bargepole.
Why not, it seems people pay more attention to unconfirmed drivel than they do to reality these days. The ongoing rise of Homo Stupidi Gulliblus continues. As for Hong Kong, my advice is get out whilst the getting is good.
Don't let the facts cloud your ignorance.
FDI into China 2019 (141B), 2020 (149B), 2021 (180B)
HK 2019 (73B - for much of the year it was mired in protests and riots)
2020 (134B - despite or because of National Security Law enacted),
2021 (144B)
Taiwan 2019 (8B), 2020 (6B), 2021 (5B)
Singapore 2019 (106B), 2020 (75B), 2021 (99B)
Of course you're within your rights to argue that those people aren't in their right minds and only you are.
Do you mean Intellectual Property? I trust European courts and am fairly certain that Hong Kong and China hold no jurisdiction over anything I'd be remotely interested in.
Do you mean some cultish, misguided fantasy of "ownership" of something accessible by a URI, the requestor of which is NOT authenticated by the server? Because that's just crazy shit!
I really wish that people would be more blatantly accepting of this craziness or else, one day, we might all wake up in a world where someone actually relevant – not I – begins to recognise these claims of "ownership" and "home" and, then, we're properly fucked!
Nope, not going to happen. Xi Jinping has now gone into full on Maoist mode and Hong Kong has now been relegated from a highly autonomous province to just another Chinese city such as Dongguan.
This return to Communist orthodoxy will have severe implications for China because of the huge negative impact on the economy. While China is run this way, it is just not going to now catch up and surpass the USA in terms of economic size or military capability. Indeed, China is now almost certain in the next few years to fall back into third place behind both the USA and EU in economic size.
If any country in Asia is going to be a home for virtual asset trading then it far more likely to be Singapore.
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