We can learn a lot from crypto, says HKEX boss

The cryptocurrency ecosystem is gaining more recognition from the traditional financial systems globally.

Hong Kong Exchanges and Clearing Ltd. (HKEX) Chief Executive Officer Nicolas Aguzin told Bloomberg in a recent interview that they have a lot to learn from the cryptocurrency market.

The cryptocurrency space is known for some excellent qualities such as fast transactions, low-cost cross-border transactions, security and more. Aguzin highlighted these features, adding that they are qualities the traditional financial system can learn from. He said;

“Whenever you do a transaction, it takes 48 hours to settle, and it’s touched by on average 10 to 12 people. There are so many people getting a little cut of everything. You look at some of the crypto exchanges — I don’t want to be a crypto exchange right now. But there are things to learn from everyone: the ease of use, how you can trade 24 hours a day, peer-to-peer without an intermediary, automatic settlement at any time, a really efficient way of operating.”

Beyond cryptocurrencies, the HKEX chief also touched on several issues, including the role of Hong Kong in the global economy. When asked about Hong Kong’s role in relation to China, Aguzin said;

“From the overall China point of view, having the possibility of having a place that can be international and competitive, it’s very important and a great advantage. That’s why my view is that, is this going to be another city of mainland? Why? Who benefits from that? The logical conclusion is that there is a lot of value in being the most international city in China, the most Chinese city outside of the mainland. There’s not a change in terms of making sure that this is an international financial center. That’s very high on the agenda. I feel very encouraged by being able to operate this as an international exchange. I don’t feel any constraints from any side.”

HKEX might be looking to enter deeper into the cryptocurrency space as Aguzin didn’t hide his admiration for what the market has to offer.