Yesterday, I attended a meeting in Financial Street, where an alumnus introduced me to a leader from the Science and Technology Department of the People’s Bank of China. Upon learning that I work in cryptocurrency, he took some time to speak with me privately—there were a few points he raised that were quite interesting. Many regulators today want to get involved in the crypto space, but they generally avoid anything directly related to cryptocurrencies or tokens; instead, the focus has shifted entirely to RWA. (Though in crypto circles, RWA already feels like something from last century.) He expressed strong optimism about the integration of computing power, AI infrastructure, and blockchain, and hopes to see successful international projects emerge. There is now significant domestic talent and capital eager to enter this industry, with some traditional industry players already beginning operations in the Middle East and Central Asia. He holds a generally pessimistic view of Hong Kong—those focused on finance see more potential in the Middle East, while those focused on infrastructure are looking toward the Belt and Road Initiative. Hong Kong lacks both regulatory advantages and tangible industrial capacity. Last year, many still had high hopes for Hong Kong’s blockchain development; this year, most have lost interest entirely.