Cointime

Cointime

Download App
iOS & Android
Home / Point

Former President of the Hong Kong Monetary Authority: Hong Kong deserves to study the launch of a Hong Kong dollar stable currency

  • Wechat scan to share

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.

Hong Kong stablecoin
Comments

All Comments

Recommended for you

  • Forbes survey: More than a third of Wall Street leaders oppose Trump's economic policies

    Forbes recently conducted an investigation into President Trump's economic policies, contacting 50 of the most influential figures on Wall Street, including billionaire investors, heads of large institutional asset management companies, and top financial advisors in the United States, to understand their views on Trump's economic strategy since taking office.

  • A senior Brazilian official: Bitcoin reserves are "crucial" to Brazil's prosperity

    according to Decrypt, Pedro Giocondo Guerra, senior advisor to the Vice President of Brazil, stated in a recent speech on behalf of the government: "The strategic reserve of Bitcoin is crucial for the prosperity of the country. Discussions about establishing a BTC reserve may be a key factor in deciding the prosperity of Brazil, in line with the interests of the country and the public." Brazilian congressman Eros Biondini (PL-MG) previously proposed legislation to establish a "strategic sovereign Bitcoin reserve" (RESBit). Holding 5% of foreign exchange reserves (international reserves) in Bitcoin, the Central Bank of Brazil will use advanced monitoring systems, blockchain technology, and artificial intelligence to monitor transactions and be responsible for custody.

  • Bitpanda receives broker-dealer license from Dubai Virtual Assets Authority

    Bitpanda, headquartered in Vienna, has obtained a broker-dealer license from the Dubai Virtual Asset Regulatory Authority (VARA).

  • Deutsche Börse’s Clearstream to Start Offering Bitcoin, Ethereum Custody Services in April

    Clearstream, the post-trade division of Deutsche Boerse, announced that it will start providing cryptocurrency settlement and custody services for institutional clients in April this year.

  • Citi: Downgrade US stocks to neutral, upgrade China stocks to overweight

    Citigroup's strategist has downgraded the rating of the U.S. stock market from overweight to neutral, while upgrading the rating of the Chinese stock market to overweight, citing that "the U.S. exceptionalism has at least been suspended."

  • Web3 data and AI company Validation Cloud completes $15 million Series A funding

    Web3 data and AI company Validation Cloud announced the completion of a $15 million Series A financing round, led by True Global Ventures, with participation from Cadenza, Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital. It is reported that the company's collateral assets have exceeded $1.5 billion, with clients including Chainlink, Aptos, Consensys, Stellar, and Hedera. The new funds will support its expansion in the areas of blockchain intelligence, AI data, and more.

  • Cointime July 27th News Express

    1. As of July 25, BlackRock IBIT held more than 338,000 bitcoins, an increase of more than 1,092 bitcoins from the previous day.

  • Hong Kong Legislative Council Member Tam Yue-heng: Accelerate the issuance and trading of stablecoins that match the characteristics of the linked exchange rate system

    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.

  • Hong Kong's financial industry may study launching stablecoin trading desks and institutional custody services

    Hong Kong Monetary Authority recently announced the list of participants in the stablecoin issuer sandbox, including JD Coin Chain, Circle Coin Innovation, Standard Chartered Bank, Anni Group, Hong Kong Telecom and other institutions. Research reports released by Zeng Shengjun, a researcher at the Greater Bay Area Financial Research Institute of the Shenzhen Branch of Bank of China, and Guan Zhenqiu, a researcher at the Hong Kong Financial Research Institute of Bank of China, analyzed that the Hong Kong dollar stablecoin can improve the efficiency and inclusiveness of the Hong Kong financial system. Its stability, free convertibility, high security, high open source and cross-border mobility can provide support for a wider range of financial innovations.

  • Hong Kong Legislative Council Member: The issuance and trading system of tokenized bond-related products can be shared with the mainland

    Hong Kong Legislative Council member Chan Chun-ying stated that the new productivity of Hong Kong's financial industry is currently mainly developed around digital and green themes. Regarding virtual assets, Hong Kong regulatory agencies should establish relevant trading platforms, stablecoin issuances, testing and operational mechanisms, capture digital development trends, and share relevant regulatory experience with the mainland. At the same time, Hong Kong's tokenized bond development is leading the world, and relevant product issuances, trading systems can be shared with the mainland or guide more mainland companies to issue, together meeting international market demand.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company
Cointime

Hot Coins

Trending