The cryptocurrency ecosystem is gaining more recognition than the traditional financial systems globally.
Nicolas Aguzin, Chief Executive Officer of Hong Kong Exchange and Clearing Limited (HKEX), said Bloomberg in a recent interview That they have a lot to learn from the cryptocurrency market.
The cryptocurrency space is known for some outstanding qualities like fast transactions, low cost cross border transactions, security and more. Aguzin highlighted these characteristics, saying that they are qualities from which the traditional financial system can learn. he said;
“Whenever you do a transaction, it takes 48 hours to settle, and it is touched by an average of 10 to 12 people. There are a lot of people who are cutting a little bit of everything. You look at some crypto exchanges – I don’t want to be a crypto exchange right now. But there are things to learn from everyone: ease of use, how you can trade 24 hours a day, peer to peer without any intermediaries, automatic settlement at any time, really efficient mode of operation.
Beyond cryptocurrencies, the HKEX chief also touched on a range of issues, including Hong Kong’s role in the global economy. Asked about Hong Kong’s role in relation to China, Aguzin said;
“From the point of view of overall China, having the potential to be a place that can be international and competitive is very important and a huge advantage. So my thought is, is it going to be the second city on the mainland? Why? ? Who benefits from this? The logical conclusion is that there is a lot of value in being the most international city in China, the most Chinese city outside the mainland. There is no change in terms of ensuring that it is an international financial center It is very high on the agenda. I am very excited to be able to operate it as an international exchange. I don’t feel any impediments from either side.”
HKEX is looking to delve deeper into the cryptocurrency space as Aguzin did not hide his admiration for what the market has to offer.