Yahoo News: Hong Kong Harbor witnesses the deflation of gigantic inflatable duck
Hong Kong is making plans to regulate cryptocurrencies and attract blockchain businesses. The Financial Services and Treasury Bureau, which is responsible for financial policies, has reportedly met with blockchain firms, regulators and experts to discuss the regulation of cryptocurrencies. Hong Kong’s Securities and Futures Commission is also said to be planning to introduce a regulatory framework for cryptocurrencies, including Bitcoin. The move comes as China continues its crackdown on cryptocurrencies, with the People’s Bank of China last month banning initial coin offerings (ICOs) and warning of “disruptive financial and social consequences”. Meanwhile, the founder of Dogecoin has warned that the cryptocurrency is in danger of becoming too valuable and unstable. Jackson Palmer created the digital currency in 2013 as a joke based on the popular “Doge” meme. Its popularity has since soared, with its market value now at around $280m. However, speaking to International Business Times, he warned that the cryptocurrency’s recent surge is unsustainable, and the resulting volatility could be damaging.
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