Hong Kong Legislative Council Member Tam Yue-heng: Hong Kong must encourage fintech companies to participate in the stablecoin sandbox mechanism

Odaily News Tan Yueheng, a member of the National Committee of the Chinese Peoples Political Consultative Conference and a member of the Legislative Council, pointed out in an article that in terms of digital finance, the SAR government must continue to develop digital finance and qualified virtual products, conduct beneficial explorations into new financial formats, and promote the development of new quality productivity in the financial industry itself. Hong Kong must encourage financial technology companies to participate in the stablecoin sandbox mechanism, accelerate the issuance and trading of stablecoins that match the characteristics of the linked exchange rate system; expand the testing scope and landing scenarios of the digital RMB as a cross-border payment tool; focus on the development of products that link virtual assets with underlying real assets, and convert artworks, real estate, equity, and carbon emissions into digital tokens through blockchain technology. (Wenhui.com)