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Hong Kong Lawmaker Wants To Turn CBDC Into Stablecoin Featuring DeFi

Hong Kong authorities are looking for new designs for a central bank digital currency (CBDC), now proposing to issue a CBDC in the form of a stablecoin backed by the government.

Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, believes that turning the Hong Kong digital dollar (e-HKD) into a stablecoin would provide benefits for the adoption of new technologies like Web3.

The option of developing e-HKD into a stablecoin has the potential to address the risks associated with virtual assets in Web3 effectively, Wu Jiezhuang said in an interview with China Blockchain News on Jan. 5. According to the lawmaker, such a design of the Hong Kong digital dollar would help authorities gain investors' trust in the Web3 industry and better protect users from issues like hacks.

(By HELEN PARTZ)

Hong Kong CBDCs DeFi Web3
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