Summary
- Paul Chan, Hong Kong Financial Secretary, stated that stablecoins are not speculative as a means of payment.
- He emphasized that stablecoins can help reduce payment fees and contribute to increased economic efficiency.
- It was reported that the Stablecoin Ordinance has been in effect in Hong Kong since August.
The Hong Kong authorities have presented a clear policy stance on stablecoins (virtual assets linked to the value of fiat currency). In particular, they expressed a positive outlook on stablecoins in terms of improving payment efficiency.
According to Jinse Finance on the 25th (KST), Paul Chan, Hong Kong's Financial Secretary, stated in a release that "stablecoins, as a means of payment and another form of legal tender, are not speculative."
Secretary Chan highlighted the potential of stablecoins to reduce payment fees. He explained, "While cross-border payment fees through the banking system can reach up to 3%, stablecoins can potentially lower those fees to as little as 1%," adding that this "can contribute to enhancing economic efficiency."
In Hong Kong, the Stablecoin Ordinance, a bill regulating stablecoins, went into effect in August.
Uk Jin
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