Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, Responds to Questions on Hong Kong's Stablecoin and Digital Yuan Development: Exploring Digital Currency Wallet Upgrades

Odaily News Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, responded to questions regarding Hong Kong's stablecoin and digital yuan development. He stated that the number and usage of digital currency wallets opened with Hong Kong mobile phone numbers have shown steady growth, with approximately 80,000 digital currency wallet registrations recorded cumulatively as of the end of January. The People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for upgrading digital currency wallets to increase their usage limits, expand application scenarios, and enhance user experience. Stablecoins and central bank digital currencies (such as the digital yuan), along with other new payment tools including tokenized deposits and cross-border connections of fast payment systems, all have the potential to be applied in various scenarios such as transaction settlement and local or cross-border payments, provided they comply with relevant legal and regulatory requirements. (Hong Kong Special Administrative Region Government Press Release)