Bitcoin Price Jumps

Hong Kong’s first ICO and cryptocurrency campaign has launched.

A campaign associated with ICOs and cryptocurrency investments have been launched in Hong Kong. The purpose of it is to educate the public on the risks with those terms.

The government’s Financial Services and the Treasury Bureau (FSTB), the Investor Education Centre (IEC), and a subsidiary of the Securities and Futures Commission (SFC) launched the educative campaign. The lunch was on Jan. 29.

The goal of the campaign is to educate the public to better understand the meaning of ICO’s, cryptocurrencies investment and most of all the potential risks of participating in crypto-related investments and transactions.

Mr. Joseph Chan, The Under Secretary for Financial Services and the Treasury said “The increase in media coverage and hype around ICOs and ‘cryptocurrencies’, such as bitcoin, has aroused public interest. However, the public might use these as speculative tools without a full understanding of their nature and potential risks. Through this series of public education initiatives, the Government aims to provide the public with a correct and comprehensive understanding of ICOs and ‘cryptocurrencies’, so that they can thoroughly assess the risks before making transactions or investment decisions.”

Bitcoin’s price in the last month. Going down? (coindesk)

bitcoin graph

The Chairman of the IEC, Dr. Kelvin Wong, said, “ICOs and ‘cryptocurrencies’ are high-risk products that are not suitable for everyone. ‘Cryptocurrencies’ are not actual currencies, but a type of virtual commodity. They are not backed by any physical commodity nor by the issuers and are not recognized as a medium of payment or electronic currency.

He added that “’Cryptocurrencies’ are highly speculative and are associated with various kinds of risks. Their prices may be susceptible to significant fluctuations due to speculative activities. Investors may suffer significant monetary losses as a result of the volatile prices.”

The IEC has made ICO and cryptocurrency related information more accessible to the public by making it available on its website, called the Chin Family.

The financial regulator also stated last month that only licensed firms are allowed to offer bitcoin futures and other cryptocurrency-related financial instruments.