HKU Business School Embraces Cryptocurrency: A Step Towards a Virtual Asset Hub
In a groundbreaking move to align with Hong Kong’s vision as a global leader in virtual assets, the University of Hong Kong’s Business School is contemplating the inclusion of Bitcoin and other digital currencies for donations and tuition payments. This initiative comes shortly after the enactment of the Hong Kong Stablecoin Ordinance on August 1, marking a significant milestone in the region’s journey toward becoming a prominent virtual asset hub.
Exploring Cryptocurrency Payments at HKU
In a recent report by the South China Morning Post, Professor Cai Hongin, the esteemed Dean of HKU’s Business School, articulated the institution’s openness to evaluating the feasibility of Bitcoin and other cryptocurrencies as legitimate payment methods. Speaking at the CryptoFi Forum on August 27, Professor Hongin, who also chairs the Economics department and directs the Institute of China Economy, emphasized the need for support from relevant stakeholders to implement this innovative payment system. He stated:
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“All the technical details have been sorted out. We will take Bitcoin and digital currencies for tuition fees and donations in the future. If we lose money, we will be losing the money of the faculty, but it’s okay, we can manage it. At least, let’s give it a try.”
Subsequent to Professor Hongin’s remarks, a spokesperson from HKU Business School confirmed on August 30 that the institution is actively investigating the integration of cryptocurrencies as a payment option. The official statement highlighted:
“HKU Business School is committed to fostering a secure and sustainable environment for the advancement of research, development, regulation, and practical adoption of digital currencies in collaboration with our partners.”
Hong Kong’s Ambition as a Virtual Asset Leader
Hong Kong is steadfast in its pursuit to establish a crypto-friendly environment, positioning itself as a formidable competitor in the global virtual asset market. The introduction of the Stablecoin Ordinance in May, which took effect on August 1, provides a comprehensive legal framework for fiat-backed stablecoins, addressing aspects such as issuance, reserves, and secondary-market activities. This ensures that entities with a Hong Kong connection adhere to rigorous licensing and compliance requirements.
Concurrently, the Securities and Futures Commission (SFC) has implemented stricter guidelines for licensed cryptocurrency exchanges. These include enhanced custody measures like cold wallet controls and real-time threat monitoring, aimed at safeguarding investor interests. Despite warnings from the Hong Kong Monetary Authority (HKMA) against speculative behavior, the government’s proactive measures underscore its ambition to rival global hubs such as Singapore, the United States, and Dubai in hosting a regulated and trustworthy virtual asset ecosystem.
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