- Members include government and business representatives
- The committee will work to bring WEB3 into all areas of life
On June 30, Hong Kong officials announced the creation of a Web3 Promotion Task Force.. The goal of the project is to reap potential benefits for many industries through blockchain technology.
The government notes that the decentralized Internet is based on important principles. It is the low cost, security and transparency of blockchain technology. They want to use such benefits to accelerate technical growth and business.
“Blockchain can solve many challenges and pain points arising in finance, commerce, business operations and even in everyday life.”
The task force included 11 government officials and 15 consultants from business and industry. They will provide guidance on “sustainable and responsible Web3 development in Hong Kong.”
The project was initiated by Hong Kong Financial Secretary Paul Chan. He was one of the proponents of the Web3 development strategy in Hong Kong. And even allocated HK$50 million ($6.37 million) from the treasury. The money will be used to develop the city’s blockchain projects.
In addition, the Hong Kong Web 3.0 Institute opened in April.. It is a nonprofit organization that will oversee collaboration in the Web3 industry. Norman Chan, former head of the Hong Kong Monetary Authority, headed the institute.
A leading asset manager in Hong Kong last week announced the addition of cryptocurrencies to its ETF.