Yao Zhisheng, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference: It is recommended that the Hong Kong Special Administrative Region G

PANews reported on July 8 that according to Ming Pao, Yao Zhisheng, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, said that stablecoins are a major opportunity for Hong Kong's financial development. In terms of international market payment needs, there will not be too many application scenarios for Hong Kong dollar stablecoins, and the usage volume cannot be too large. For Hong Kong, the development of stablecoins is not mainly because of how important the Hong Kong dollar stablecoin itself is, but because Hong Kong can take the lead in the field of stablecoins for the internationalization of the RMB, become the main platform for offshore RMB stablecoins, and thus create a global stablecoin issuance hub. The biggest opportunity for Hong Kong's stablecoins is to develop RMB stablecoins. Yao Zhisheng added that he would recommend that the SAR government seek central support to develop an officially certified offshore RMB stablecoin in Hong Kong to enhance market confidence in offshore RMB stablecoins and promote their development, so as to make offshore RMB stablecoins bigger and stronger.