Song Ke, Executive Vice President of the Shenzhen Research Institute of Renmin University of China: Hong Kong dollar stablecoin provides more possibilities for the cross-border application of digital

According to PANews on July 31st, Song Ke, Executive Vice President of the Shenzhen Research Institute of Renmin University of China, stated that Hong Kong's Stablecoin Ordinance is the world's first comprehensive regulatory framework for fiat stablecoins. Globally, the ordinance has a demonstrative effect on stablecoin policymaking. He believes that the implementation of the Stablecoin Ordinance will enable relevant institutions to quickly translate the experience accumulated from previous pilot programs into actual products, accelerating the formation of a stablecoin ecosystem in Hong Kong. Furthermore, by promoting the digital RMB and the Hong Kong dollar stablecoin, reliance on the US dollar clearing and settlement system can be gradually reduced.