Hong Kong Government Commits $50 Million HKD for Web3 Development

  1. The $50 million pledge from the Hong Kong government will help the Web3 ecosystem grow.
  2. Paul Chan asserts that he must find a balance when using spending coupons to support the city’s economic recovery.
  3. In April, those who registered their electronic wallets would receive the first installment, which is $3000 HKD.

The Hong Kong government committed 50 million Hong Kong dollars (HKD) to advance the Web3 ecosystem, demonstrating its willingness to compete in the global digital economy. According to Paul Chan, the finance secretary who delivered the 2023 budget to the parliament, newcomers and all permanent inhabitants of the city will be qualified.

When asked why the amount to be distributed during the upcoming fiscal year is less than it was last year, Paul Chan states that 50 million HKD is the best that can be done. He continues to say that the economy is still fragile and Hong Kong is still recovering from the pandemic.

In response to a subsequent Cantonese question, Chan says he needs to balance utilizing spending coupons to reinforce the city’s economic recovery. He states that the government needs to spend correctly because it has a more than 100 billion HKD deficit.

Furthermore, Together with the Democratic Party, pro-Beijing parties such as the DAB and Federation of Trade Unions asked for a new round of consumption vouchers to help the struggling economy last month. 

However, Regina Ip of the pro-Beijing New People’s Party declared last month that she did not believe the city should repeat the initiative because government finances are constrained.

In addition, residents who registered electronic wallets will get the first installment of 3000 million HKD in April. The remaining will be distributed around the middle of the year. 

The consumption certificates from the previous year were initially distributed to non-permanent residents. Unfortunately, migrant domestic workers were not eligible, a decision that human rights activists criticized as cruel.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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