Hong Kong Legislative Council Member Qiu Dagen: I personally don’t think the Hong Kong government should issue an official stable currency or build its own public chain

2023/08/25 11:10

Hong Kong Legislative Council member Eddie Chu Tat-kin said in an interview with Odaily Planet Daily News that in the area of stablecoins, the Hong Kong government is currently in the consultation process. Regarding the conditions and regulations for future issuance of stablecoins, public and industry opinions need to be consulted first and then submitted to the Legislative Council for discussion before launching stablecoin-related conditions. Chu Tat-kin said: "Personally, I don't think the government should issue stablecoins, but it should be issued by commercial institutions. I hope this process can be completed as soon as possible, and Hong Kong is discussing it from many angles. Public chains are also similar. As the infrastructure in the market, I only represent myself and believe that it should also be established by the industry; if the government builds a public chain and requires everyone to use it, this is not appropriate." Previously, it was reported that the Hong Kong Monetary Authority plans to conduct the second round of public consultation on stablecoin regulatory framework within this year.

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