Hong Kong General Chamber of Commerce (HKGCC), submitting proposals to the local government for the upcoming budget to Chinese Yuan connected stablecoins He asked for it to be removed.
Hong Kong Chamber of Commerce Defends Yuan Stablecoin Issuance
In a published statement, the HKGCC urged the government to consider allowing the issuance of stablecoins linked to the Yuan or backed by a basket of various fiat currencies, including the Yuan, the Hong Kong dollar or the US dollar.
The organization also suggested exploring a “Virtual Asset Linkage Program” with an initial daily limit of around 20 billion Hong Kong dollars ($2.5 billion).
In December, the Hong Kong Monetary Authority (HKMA) stated in a joint consultation paper with the Financial Services and Treasury Bureau that a stablecoin issuer would need to obtain a license from the authorities if it issues a stablecoin that refers to the value of one or more fiat currencies in Hong Kong. The two-month consultation is scheduled to be completed by the end of this month.
HKMA Chief Executive Eddie Yue said in December that stablecoins could become an interface between traditional finance and the virtual asset market.
“In a scenario where stablecoins become one of the preferred payment options by the general public, we should expect greater integration between the digital payment ecosystem and the real economy, and whether stablecoins are truly stable will then become even more important,” Yue added.
It is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!