A survey conducted by the Hong Kong Blockchain Association (HKBA) has revealed that 23% of Hong Kong residents would consider investing in cryptocurrencies, given a recession.

The response was based on the fact that many respondents anticipated a downturn in the world economy within the next year. Reportedly, a large portion of those surveyed would consider investing in cryptocurrency, despite their current concerns about digital currencies outweighing their potential advantages.

Regulation was an issue with almost 60% of respondents, many of them indicating that clear regulations and proper licensing laws were needed for cryptocurrency exchanges. Some suggested that examples such as Japan and Singapore were models worthy of Hong Kong regulators worth considering.

Of the 46% suggesting that hardship may be around the corner due to an economic downturn, some would consider investing in cryptocurrency. A quarter of all those surveyed suggested they would invest but only in times of economic hardship but currently have no need.

In other news from the country, the Hong Kong Monetary Authority (HKMA), the region’s currency board and central bank, is launching a live blockchain-based trading platform in September, backed by HSBC, Bank of China, ANZ, DBS Bank, Bank of East Asia, and the Hang Seng Bank. Howard Lee, HKMA’s deputy chief executive, has suggested that it will be the largest multi-bank blockchain project of its kind in Hong Kong.

The Forbes 30 under 30 Asia list was released earlier this year with many of the drivers in the financial world located in Asia. The list showcased a new generation of talent from venture capital to the latest disruptive digital technologies. Many of this year’s nominees had embraced cryptocurrency ventures.

Two on this year’s list are Ryan Zhou, 23, and Myunghun Cha, 28. Zhou founded Australian personal finance platform Coinjar, simplifying the trading of Bitcoin which now has a turnover of USD 758 million with 350,000 members.

South Korean Cha founded Coinone, now one of the country’s largest exchanges trading around USD 10 billion a month and earning over USD 70 billion in 2017.

 

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