Research Summary
The report discusses Professor Yang Wang’s views on the future of blockchain technology and digital assets in Hong Kong. He emphasizes the need for Hong Kong to lead regional development in these areas, despite his initial skepticism about Bitcoin and blockchain. He also highlights the importance of integrating the digital economy with the real economy and the potential of tokenization of real-world assets.
Key Takeaways
Initial Skepticism about Bitcoin and Blockchain
- Professor Wang’s Early Doubts: Initially, Professor Wang was skeptical about Bitcoin and blockchain, considering them scams. However, he later realized he had missed two significant opportunities in these areas, teaching him to be cautious when giving advice about future directions.
Need for Hong Kong to Lead in Blockchain and Digital Assets
- Leadership in Regional Development: Professor Wang believes that Hong Kong should aim to lead the regional development in blockchain technology and digital assets. He feels that the current efforts by the government are minimal and that the service sector is too slow in adopting these technologies.
Integration of Digital and Real Economies
- Importance of Integration: According to Professor Wang, the ultimate economic future must integrate the digital economy with the real economy. He believes that markets for purely digital assets like Bitcoin will continue to exist and possibly grow, but we should not be satisfied with the current stage.
Tokenization of Real-World Assets
- Future of Tokenization: Professor Wang predicts that the next step in the development of countries involved in the “Belt and Road” initiative will be the tokenization of real-world assets. He believes that if people can truly understand its importance, it will certainly be useful.
Challenges in Policy and Talent
- Policy and Talent Shortages: Professor Wang notes that Hong Kong’s policy progress has been slow and there is a shortage of talent, especially in professional approval areas. He also criticizes the inefficiency of large government committees and calls for reforms to avoid formalism.
Actionable Insights
- Embrace Blockchain and Digital Assets: Despite initial skepticism, Professor Wang’s experience suggests that it is important to keep an open mind about emerging technologies like blockchain and digital assets. Businesses and individuals should consider exploring these areas as they could present significant opportunities.
- Focus on Integration: The integration of the digital economy with the real economy is seen as a crucial step for future development. This suggests that businesses should consider how they can leverage digital technologies to enhance their existing operations and create new opportunities.
- Consider Tokenization: The potential of tokenization of real-world assets is highlighted as a future development. Businesses with tangible assets could explore how tokenization could provide new ways to raise capital or create new markets.
