Former chief executive of the Hong Kong Monetary Authority and chairman of Circle Coin Technology Group, Chen De-lin, pointed out that most stablecoins on the market are backed by US dollars. As Hong Kong is a financial center with virtual asset regulatory regulations, it is worth studying the launch of a Hong Kong dollar stablecoin. With the rapid development of Web 3.0 and digital payment applications globally, stablecoin smart contracts can support a large number of new transaction scenarios. However, the stablecoin market is currently dominated by US dollar assets such as USDT and USDC. Considering that the Hong Kong dollar is pegged to the US dollar and Hong Kong is a financial center, it is not ideal to not promote a Hong Kong dollar stablecoin.
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Former President of the Hong Kong Monetary Authority: Hong Kong deserves to study the launch of a Hong Kong dollar stable currency
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Tan Yueheng, a member of the National Committee of the Chinese People's Political Consultative Conference and the Legislative Council, published an article entitled "Consolidating the Status of Financial Center and Sharing the Dividend of Deepening Reform". In it, he pointed out that in the field of digital finance, the SAR government must continue to develop digital finance and qualified virtual products, explore new beneficial financial formats, and promote the new productive forces of the financial industry. Hong Kong must promote the participation of financial technology companies in the stable coin sandbox mechanism, accelerate the issuance and trading of stable coins with the characteristics of matching linked exchange rate system, expand the testing scope and landing scenarios of digital RMB as a cross-border payment tool, and focus on developing products that are linked to virtual assets and underlying real assets, transforming art, real estate, equity, and carbon emissions into digital tokens through blockchain technology. -
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