Dr. Xiao Feng of HashKey Group, often dubbed as The Father of China’s Blockchain, warns that cryptocurrency hype far exceeds regulatory reality in Asia’s emerging markets.
The influential CEO argues stablecoins aren’t payment tools but represent a fundamental reimagining of global financial infrastructure.
The Stablecoin Fever: Hong Kong’s Cautious Regulators vs. Market Enthusiasm
In a recent in-depth interview with an industry expert, Liu Feng, Dr. Xiao Feng shared his rational perspective on the current cryptocurrency craze.
Dr. Xiao, Chairman and CEO of HashKey Group, noted there is a fever around stablecoins in Hong Kong. On the contrary, regulators remain extremely cautious, he observed. This reveals a major gap between market hype and reality, he said.
“Mainland China is beginning to re-engage with the crypto world. This process would start with stablecoins. The pressures of global monetary competition are driving the shift.”
Xiao predicted a clear path for adoption. After stablecoins, he said, the focus would turn to Real World Assets (RWA). Eventually, this might even lead to accepting Bitcoin.