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HomeCoinsBlockchainLawmaker Proposes Digital Hong Kong Greenback Be Issued as Stablecoin

Lawmaker Proposes Digital Hong Kong Greenback Be Issued as Stablecoin

  • Hong Kong regulator suggests issuing digital Hong Kong greenback stablecoin.
  • The lawmaker believes this could bolster web3 growth.
  • Hong Kong has been actively trying to regulate cryptocurrencies.

In keeping with Wu Jiezhuang, a member of the e Hong Kong Legislative Council, growing the nation’s digital Hong Kong greenback right into a steady forex may supply a slew of advantages for the nation and play a major half in drawing in web3 startups to the nation.

Jiezhuang is a founding member of G-Rocket, a startup accelerator he co-founded together with Legislative Council member Johnny Ng Package-Chong in 2016. This system plans to assist 1,000 Web3 start-ups arrange their companies in Hong Kong within the coming years.

Jiezhuang’s feedback got here in a latest interview, the place he mentioned the perks of turning the nation’s digital greenback right into a stablecoin. Per Jiezhuang, the present stablecoins are primarily issued by non-public entities and haven’t been capable of bolster market confidence, particularly following latest occasions that noticed the collapse of a number of stablecoin economies.

As such, Jiezhuang  urges that the Hong Kong authorities can think about issuing the digital Hong Kong greenback as a stablecoin, and join it to the decentralized finance eco-systems, thus permitting the web3 ecosystem to learn from it. The regulator believes such a stablecoin may turn into an integral a part of the web3 ecosystem and digital asset buying and selling platforms within the nation.

In the meantime, Hong Kong has been actively eyeing cryptocurrency adoption in a regulated setting. As reported by Coin Version, following a vital change to provincial laws, business individuals in Hong Kong’s monetary providers sector are actively establishing the groundwork to permit retail customers to commerce digital property within the coming months.

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As well as, the Hong Kong authorities authorized a change to the Anti-Cash Laundering and Counter-Terrorist Financing Act final month, making the Securities and Futures Fee (SFC) chargeable for regulating virtual-asset service suppliers.

The modification introduces a licensing mechanism for enterprises that supply digital asset providers, permitting common folks to trade them. Beforehand, solely institutional buyers with a minimal of $1 million in liquid property have been allowed to put money into digital property.

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