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 attention will be put on money-laundering activities through bitcoin.”
Despite the warning, the bitcoin economy in Hong Kong remains strong and open. At this point, these warnings are seemingly becoming a formality, and don’t pose a threat to bitcoin’s widespread adoption. (via The Standard)