Cryptocurrency and Hong Kong: A Complex Relationship
Hong Kong stands at a crossroads with the proposed Land (Compulsory Sale for Redevelopment) (Amendment) Bill 2023. This bill aims to expedite the redevelopment of older districts, but many fear it will harm small property owners. As a proponent of redeveloping Hong Kong’s old neighborhoods, I recognize the need to address safety issues in aging buildings. However, we must be careful to protect residents and their communities.
The bill proposes lowering the compulsory sale threshold for both designated and non-designated areas for buildings aged 60 and above. This is concerning, as it could lead to the displacement of long-established communities. Many residents in these areas are elderly and vulnerable, and lowering the threshold could disadvantage them in negotiations with developers.
Cryptocurrency and Crime
The recent kidnap case in Hong Kong has highlighted the potential dangers of cryptocurrency. The kidnappers demanded a ransom in Tether, a stablecoin, demonstrating how cryptocurrencies can be used by criminals. Cryptocurrency transactions are difficult to trace and are not regulated by any central authority. The central government has already banned cryptocurrency trading platforms on the mainland. Hong Kong should consider following suit to combat crime and protect investors.
Protecting Hong Kong’s Infrastructure
Recent disruptions at Hong Kong International Airport have raised concerns about the city’s infrastructure. A computer glitch caused real-time flight information to be unavailable, leaving passengers struggling. The airport is a crucial part of Hong Kong’s economy and a visitor’s first impression of the city. These incidents highlight the need for regular testing of backup systems and better contingency plans.
The Future of Hong Kong
While Hong Kong grapples with these challenges, it’s essential to remember that the city has always been a resilient and innovative place. By carefully considering all sides of these issues, we can work towards a better future for Hong Kong. We must ensure that all residents are protected, and that the city’s infrastructure is strong and reliable.
**This post does not provide financial advice.**
