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Hong Kong Financial Secretary: Stablecoins are Financial Development Tools, Not Money-Making Tools
Summary: In a recent TV program, Hong Kong Financial Secretary Paul Chan Mo-po stated that digital assets are the way forward, emphasizing that stablecoins are not tools for making money, but rather tools for financial development. Chan highlighted that financial activities currently flow through various intermediaries or institutions, while stablecoins circulate on the blockchain, helping to ...
In a recent TV program, Hong Kong Financial Secretary Paul Chan Mo-po stated that digital assets are the way forward, emphasizing that stablecoins are not tools for making money, but rather tools for financial development. Chan highlighted that financial activities currently flow through various intermediaries or institutions, while stablecoins circulate on the blockchain, helping to enhance the efficiency and speed of financial activities, making the real economy more efficient. When asked about the possibility of stablecoins weakening international monetary sovereignty, Chan stated that the government fully understands the related risks, with clear regulatory principles in place, requiring stablecoin issuers to have a certain capital or reserves, and regulating the redemption time of stablecoins to ensure that buyers or institutions can redeem the currency. (Ta Kung Pao)
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Link: Hong Kong Financial Secretary: Stablecoins are Financial Development Tools, Not Money-Making Tools [Copy]
