Nearly a quarter of HK citizens would consider investing in cryptocurrencies

31 Jul, 2018
by Matthew Kim
Nearly a quarter of HK citizens would consider investing in cryptocurrencies

According to the Hong Kong Yahoo Finance, a survey conducted by the Hong Kong Blockchain Association (HKBA) showed that 23 percent of the participants would consider investing into cryptocurrencies during an economic recession.

The survey examined the potential interest for cryptocurrencies for Hong Kong citizens, and it revealed that a substantial portion of the population would consider investing in digital assets. However, the survey also displayed that as of now, citizens are wary and hesitant about the current state of cryptocurrencies despite their potential advantages.

Nearly 60 percent of the participants responded that Hong Kong needs to implement proper licensing laws and clearer regulations regarding cryptocurrency trading platforms. Many respondents suggested that the island should consider following the steps of Japan and Singapore to establish a regulatory skeleton for the virtual currencies. These responses suggest that while many people are interested, they are deterred by the uncertainty of legislation.

Furthermore, 46 percent of the respondents indicated that they believed that the Hong Kong economy, and possibly the world economy, will experience a downturn within the next year. Combining that with the information that almost a quarter of the citizens would consider investing in cryptocurrency during a time of economic hardship, the results of the survey suggests that while many people understand the potential value of cryptocurrency as a store of value, they do not necessarily see a urgency to invest at the moment.

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