The concepts of stablecoins and cross-border payments are at the center of attention, with many related technology stocks hitting the ceiling in recent trading sessions.
The People's Bank of China has just sought public opinion on the draft regulations for the cross-border RMB payment system, while Hong Kong aims to license stablecoins this year.
MAIN CONTENT
Stablecoins and cross-border payments lead the trend of rising technology stock prices.
The People's Bank of China is rolling out the draft regulations for cross-border RMB payments.
The Hong Kong government aims to issue stablecoin licenses in 2024.
How are stablecoins and cross-border payments trending in the market?
Transaction data shows a strong surge indicating that stocks related to stablecoins and cross-border payments dominate the session. Shiji Information and Xunxing both hit the ceiling on the trading day, as reported by Cailianshe on July 7, 2024.
Previously, the units Zhongyi Technology, Beijing North, Jinshi Technology, Jihong Shares, Qingdao Kingking, Shengyibao also all hit the ceiling, clearly demonstrating strong investor interest in this sector.
What new policies does the People's Bank of China have regarding cross-border payments?
As of July 4, 2024, the People's Bank of China has publicly sought community opinions on the Draft ‘Business Rules for the Cross-Border RMB Payment System’ to standardize and clarify international transactions in Renminbi (RMB).
The establishment of this set of rules aims to ensure that cross-border payments in RMB operate effectively, comply with the law, and increase convenience for businesses.
Mr. Wang Li, Director of the Payment Department of the People's Bank of China – July 2024
This draft is expected to promote the development of the cross-border financial ecosystem while enhancing the position of RMB in international transactions.
What are the plans of the Hong Kong government regarding stablecoins in 2024?
On July 7, 2024, the Commissioner for Financial Services and the Treasury of the Hong Kong SAR government, Mr. Xu Zhengyu, stated that the goal of licensing stablecoins will be implemented in 2024 to promote the development of financial technology and ensure transparency.
We aim to license stablecoins this year to enhance trust and ensure a clear legal framework for the cryptocurrency market in Hong Kong.
Mr. Xu Zhengyu, Commissioner for Financial Services and the Treasury of Hong Kong – July 2024
The establishment of licenses will help control risks while facilitating businesses to develop legal and safe stablecoin products.
What are the impacts of this trend on the financial and technology markets?
The strong growth of stocks related to stablecoins and cross-border payments reflects deep investor interest in the DeFi (Decentralized Finance) community and international payment solutions. According to the latest market report from the Asian Financial Council 2024, cross-border payments are expected to reach an estimated scale of 5 trillion USD by 2025, driving substantial investment in blockchain technology and stablecoins.
The policy moves from both China and Hong Kong indicate a coordinated effort to develop modern financial solutions, thereby supporting the sustainable development of the regional cryptocurrency ecosystem, enhancing transparency, and ensuring legal compliance.
Which technology companies are prominent in the trend of stablecoins and cross-border payments?
The stocks of Shiji Information, Xunxing, Zhongyi Technology, Beijing North, Jinshi Technology, Jihong Shares, Qingdao Kingking, Shengyibao have demonstrated outstanding performance, proving their leading role in the field of developing financial technology solutions and payments.
Business Sector Performance July 7, 2024 Shiji Information Payment technology, stablecoin Limit up Xunxing Cross-border financial technology Limit up Zhongyi Technology Blockchain payment solutions Limit up Beijing North E-wallet and payment development Limit up
Frequently Asked Questions
What is a stablecoin and why is it of interest? Stablecoins are cryptocurrencies with stable value, often pegged to real assets like USD, helping to reduce price volatility and support effective cross-border payments. Why does China focus on developing the cross-border RMB payment system? This is a strategic step to enhance the international role of RMB, facilitating international trade and financial transactions in Renminbi. What does the licensing of stablecoins in Hong Kong mean? The licensing creates a transparent legal framework, increases investor and business trust, and helps control risks in the cryptocurrency market. Which sectors benefit from this trend? Stocks of companies developing payment technology, blockchain, and stablecoins are witnessing strong growth, attracting a large amount of investment. How does this trend affect the global financial economy? More and more countries and corporations are promoting cross-border payments and stablecoins, improving transaction speeds, reducing costs, and enhancing financial transparency.
Source: https://tintucbitcoin.com/stablecoin-thanh-toan-xuyen-bien-tang-manh/
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