According to PANews, Hong Kong Legislative Council member Huang Junshuo has proposed that the Hong Kong government expedite the development of a digital identity system based on residents. Huang suggests that this system should be gradually adopted by both public and private sectors to promote widespread use of digital identities. He envisions integrating digital identities into platforms like the Smart Convenience platform to enhance efficiency and security in various applications.
Huang also emphasized the need for the Hong Kong government to strike a balance between regulation and development in the Web3.0 space. He proposed leveraging Web3.0 technology to distribute electronic consumption vouchers to tourists. According to Huang, using Web3.0 platforms for voucher distribution would significantly reduce transaction costs, amounting to only 0.15% of the total, which is considerably cheaper than traditional banking methods.
