Yat Siu, the co-founder of Animoca, a local gaming software company, sees Hong Kong's rapid adoption of cryptocurrencies and Web3 as a significant development not just for the city-state but for China as a whole. Despite mainland China's ban on cryptocurrencies, Siu Believes that the current cryptocurrency trend in Hong Kong is indicative of broader shifts happening in mainland China.
At the Ethereum Community Conference (EthCC) on July 19, Siu pointed out that China had released the Web3 white paper in May, stating that Web3 is the future of the Internet. Although the white paper doesn't explicitly mention cryptocurrencies, Siu emphasizes that it signifies China's interest in advancing Web3 technologies. This development comes closely after Hong Kong's announcement to allow retail cryptocurrency investments.
Siu highlights that the news about Hong Kong's cryptocurrency development is widespread in China, even featuring on CCTV, making it clear that such decisions are not made without China's approval. He sees Web3 as a powerful tool to challenge the dominance of American tech giants like Google, Apple, and Facebook. Many countries, including Japan, South Korea, and China, are pushing for Web3 as an opportunity to move away from technology dominated by the US.
Challenging US hegemony is particularly important for countries like China, which are focused on de-dollarization. Promoting Web3 in such places would lead to less reliance on the US dollar, which is currently the global currency. Siu believes that Web3 can drive a new technological paradigm, and its adoption aligns with China's efforts to shift away from US-dominated technology and promote a more decentralized and secure digital landscape.
