CoinVoice has recently learned that the Secretary for Financial Services and the Treasury, Christopher Hui, stated in an interview with Cable News' 'Finance Intelligence' program that in the first phase, only a small number of stablecoin licenses will be issued. Regarding the issuance of a renminbi stablecoin, he mentioned that the law does not restrict the currency to which it is pegged, but if it involves currencies from other regions, discussions with relevant institutions may be necessary.

Christopher Hui emphasized that the government will take the lead in promoting the application of stablecoins, especially focusing on cross-border payment scenarios, to help developing countries cope with local currency depreciation and financial system risks. He also revealed that Hong Kong will promote the tokenization of financial assets in the future, following green bonds, with the next step expected to extend to exchange-traded funds (ETFs), and believes that the trading of commodities such as metals could also be explored for token payments. [Original link]