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Emily Hung

The business school of Hong Kong’s oldest university is exploring the use of digital currencies for tuition payments and donations.
The move by the business school of the University of Hong Kong (HKU) comes as the city seeks to balance its aspirations as a virtual asset hub with the need to minimise financial risks, with the Stablecoins Ordinance having come into effect on August 1.
Professor Cai Hongbin, dean of the business and economics faculty at HKU, called for support for the initiative at a forum earlier this week.
“All the technical details have been sorted out. We will take bitcoin and digital currencies for tuition fees and donations in the future,” Cai said at the CryptoFi Forum on Wednesday, according to an online video verified by the school.
“If we lose money, we will be losing the money of the faculty … It’s ok, we can take care of it, but at least let us give it a try.”
The forum at HKU was attended by Zhao Changpeng, founder and largest shareholder of cryptocurrency exchange Binance, who earlier told the Post that Hong Kong had the conditions to become a major hub for virtual assets, rivalling the US and the United Arab Emirates, but the government must act swiftly.

The business school confirmed on Friday that it was “actively exploring” the use of digital currencies as a means for tuition payments and donations.
The school said the move would demonstrate its openness to embracing the growing financial innovation.
“HKU business school is dedicated to creating a secure and sustainable environment for advancing research, development, regulation and practical adoption of digital currencies in collaboration with our partners,” a spokesman said.
Lawmaker Johnny Ng Kit-chong said Hong Kong had been slow in using digital currencies for everyday transactions because of low awareness, but the practice had long been adopted in many countries.
“The price of bitcoin is volatile, but you can fix the risk by converting it to local currency; otherwise, you could treat it as an investment product,” he said.
“But it is important for the institutions to do the [know your customer] process to ensure the digital wallet is not linked to any illegal activities or funds from unknown origins.”
Ng added that using digital currencies in everyday transactions gave customers a diverse and convenient payment option.
“After all, this is an inevitable trend. Everyone is doing it.”
Eleven virtual asset trading platforms are now licensed by the Securities and Futures Commission, the market regulator.
Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging their price to a reserve asset such as fiat currency.


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Professor Cai Hongbin, dean of the business and economics faculty, says ‘all the technical details have been sorted out’


Professor Cai Hongbin, dean of the business and economics faculty, says ‘all the technical details have been sorted out’.


University of Hong Kong business school looking at taking bitcoin for fee payments

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Professor Cai Hongbin, dean of the business and economics faculty, says ‘all the technical details have been sorted out’

Professor Cai Hongbin, dean of the business and economics faculty, says ‘all the technical details have been sorted out’