Hong Kong Treasury Secretary: Stablecoins are not a tool for making money, but a tool for financial development

Odaily News Hong Kong Financial Services and the Treasury Bureau Secretary Paul Hui said on a TV program today (29th) that digital assets are the general trend, emphasizing that stablecoins are not a tool for making money, but a tool for financial development. Paul Hui said that currently financial activities are circulated through funds from different intermediaries or institutions, and stablecoins circulate on the blockchain, which will help improve the efficiency and speed of financial activities and make the real economy more efficient. When asked whether stablecoins may weaken international monetary sovereignty, Paul Hui said that the government fully understands the relevant risks and has a clear regulatory philosophy. It requires stablecoin issuers to have a certain amount of capital or reserves, and regulates the redemption time of stablecoins to ensure that buyers or institutions can redeem the currency. (Ta Kung Pao)