Odaily News At the 2023 Shanghai Blockchain International Week·Blockchain Global Summit hosted by Wanxiang Blockchain Laboratory, Qiu Dagen, Member of the Legislative Council of the Hong Kong Special Administrative Region (Technology Innovation Sector), delivered a keynote speech Steady and Prudent Promotion of Web3 in Hong Kong Sustainable Development, Qiu Dagen elaborated on the Three Arrows and Three Circles economic and technological development policy proposal previously submitted to the Chief Executive of Hong Kong. The Three Arrows are to promote government investment in the field of science and technology. Among the three circles, the first circle is that the government promotes the tokenization of land and issues asset-backed tokens (ABT) to support the development of Xintian Science and Technology City. The second round is to speed up the launch of digital Hong Kong dollars at the retail level and implement a two-tier system. The Hong Kong Monetary Authority issues digital Hong Kong dollars to banks, and then commercial banks serve as processors and issue them to users. Cross-border payments will be explored through retail digital Hong Kong dollars, and digital currencies from other banks will be explored. interconnection. The third round is to promote the development of Hong Kong dollar stable coins, support private institutions in issuing compliant Hong Kong dollar stable coins, and launch the Hong Kong dollar stable currency sandbox.