CoinVoice has recently learned from the Hong Kong Economic Journal that the Chairman of the Hong Kong Financial Development Council, Hong Pi-zheng, stated that stablecoins should not become objects of speculation, but should play a stabilizing role. On the eve of the implementation of the stablecoin regulations in Hong Kong on August 1, dozens of companies have expressed their intention to apply for or participate in stablecoin business.
Hong Pi-zheng pointed out that the digitalization of the asset market is a long-term battle, and stablecoins are an important part of the digitalization of Hong Kong's financial market. He believes that Hong Kong is in a leading position in the digital development of financial centers and expects more different assets to be tokenized in the future, but this process will take time.
He also emphasized that against the backdrop of an unclear global trade outlook, Hong Kong should position itself as a financial center aimed at the Global South, assisting businesses and investors in diversifying their supply chains and investment risks, while maintaining its status as a capital market, wealth management, and RMB risk management center. [Original link]