John Lee: When predicting markets involving virtual currencies, risks must be considered

Odaily Planet Daily News: Ahead of an executive meeting, Hong Kong SAR Chief Executive John Lee Ka-chiu met the media. When asked about the suspension of the basketball betting tax, he said that the Youth and Civil Affairs Bureau needs to conduct regular reviews. Before continuing to implement the basketball betting tax policy, he hopes risks will be controlled. He believes this approach is appropriate.

John Lee emphasized that the suspension policy is not only due to gambling, but is also related to virtual currencies. The Hong Kong government has seen a large increase in trading volume for illegal gambling “prediction markets,” which may be linked to the ability to place bets via cryptocurrencies. Therefore, the policy should not be promoted blindly. (HK01)

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