Hong Kong Gold Exchange announces it will develop a digital commodity blockchain.

PANews reported on February 21 that, according to Hong Kong's Wen Wei Po, the Hong Kong Gold Exchange held its Lunar New Year opening ceremony yesterday. In his speech, HKG Exchange Chairman Cheung Tak-hei stated that HKG Exchange has officially partnered with a member company of Alibaba Group to develop a digital commodity blockchain, an international precious metals trading platform, and a clearing and settlement system. This will provide unified risk control and supervision for all systems in Hong Kong, including spot, futures, digital gold, B2C trading, actuarial centers, and over-the-counter (OTC) trading. The system is expected to be completed within six months, and HKG Exchange hopes to connect to the "Hong Kong Gold Central Clearing System" established by the Hong Kong SAR government.