It is reported that Wang Yang, Vice President of the Hong Kong University of Science and Technology and Chief Scientific Advisor of the Hong Kong Web3.0 Association, angel investor Cai Wensheng, founder of BlockCity Web3.0 Technology Company Lei Zhibin, and Hong Kong University of Science and Technology doctoral student Wen Yizhou published policy recommendations in the newspaper, proposing that Hong Kong issue a Hong Kong dollar stablecoin backed by foreign exchange reserves. 👍
The SAR government’s current plan is limited to allowing and encouraging private institutions to issue Hong Kong dollar stablecoins. In our view, this measure is too conservative and cannot be coordinated with the SAR government’s large-scale plan to promote digital assets and the digital economy.
It is difficult for a Hong Kong dollar stablecoin issued by a private institution to gain an important market position and may eventually become a marginalized product. Therefore, we strongly urge the SAR government to issue a Hong Kong dollar stablecoin backed by Hong Kong's foreign exchange reserves.
The government-backed Hong Kong dollar stablecoin will have double protection:
On the one hand, it benefits from government supervision; on the other hand, it benefits from the information transparency and immutability brought by blockchain contracts. 😀
This innovative policy direction will provide strong support for Hong Kong's leadership in the digital finance sector.
How lucky we are to be together in Web3. Welcome to follow [Xiao Ma Says Crypto]. Thank you for your likes, comments, and reposts💘
Disclaimer: This article is for reference only and does not constitute investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
