Fake ‘HSBC’ Stablecoins Emerge Before Launch—Hong Kong Issues Warning

Caejer Chan Ka-keung, Secretary for Financial Services and the Treasury, has issued a warning on bitcoin - adding to a long list of countries around the world warning their citizens on the potential perils of the digital currency. The usual talking points were mentioned in the official's warning: high volatility, no government backing, and the like. The official also noted that bitcoin won't post a threat to the Hong Kong financial system. "We are closely monitoring its development to make sure bitcoin will not shock the stability of the local financial market," said the official. "Special....

Another day, another bitcoin warning from an Asian regulator. This time it's Hong Kong's Secretary for Financial Services and the Treasury, Caejer Chan Ka-keung, who has issued a statement, warning the public that bitcoin is a highly speculative commodity which poses numerous risks. Chan declared that anyone who decides to trade, exchange or hold bitcoins should expect high risks, as the currency does not have intrinsic value, official issuers or a real economy behind it and it tends to fluctuate wildly. However, since bitcoin is not widely used it does not pose a threat to Hong Kong's....

Hong Kong is one of the most important financial centres of the world, but with limited space and high demand, property in Hong Kong has always been in short supply. Simplifying home ownership in Hong Kong is therefore a prime concern for the Hong Kong government, which has undertaken a number of measures in the last few years to make home ownership both affordable and easy. The Nikkei Asian Review reported that as recently as early November, the Hong Kong government raised stamp duty to cool down the boiling Hong Kong housing market. This measure of the government was mainly aimed at....

Hong Kong’s financial watchdog says it is concerned over the rising popularity of stablecoins, as it invites the public to give their say on the merits and challenges of e-HKD. The Hong Kong Monetary Authority (HKMA) has warned that stablecoins could undermine the Hong Kong dollar in a just released discussion paper about its retail central bank digital currency, e-HKD. The HKMA today issued a discussion paper, outlining the policy and design issues involved in the introduction of e-HKD, and encourages the public and industry to participate in the consultation and share their views. Find....

Her withdrawal requests kept getting denied. That was the moment a Hong Kong woman realized the crypto investment platform she had been using for weeks was fake — and that her money was gone. Related Reading: Ethereum Foundation Program Identifies 100 DPRK-Linked Crypto Workers Scam Built On Fake Promises The woman had made 17 separate […]