hold or not - Hong Kong Eyes RMB-Backed Stablecoins for Next Step in Digital Growth

BTC $72262.719 -0.11%

ETH $2635.642 -1.10%

BNB $583.932 -3.11%

XRP $0.517 -1.15%

BTC ETH BNB ADA SOL AVAX DOGE LINK TRX

USD EUR GBP JPY AUD CAD CHF CNY

Convert

LIVE UPDATES • Hong Kong Eyes RMB-Backed Stablecoins for Next Step in Digital Growth • BlockDAG Secures $105.4M and Debuts New Site; RAY Bulls Ahead, SCR Shows Weakness • Crypto Rush Alert: BlockDAG Launches a Limited-Time 100% Bonus Offer! Render Forecast Shows Rally & XRP Hits ATH • Fake a16z Crypto Scammers Target Users with Phony Podcast Links • Plus Wallet & Ledger Live: A Side-by-Side Review of Cross-Chain Features, Privacy Measures, & NFT Support • Crypto Industry is Thriving as Bitcoin Nears ATH; BlockDAG Amplifies Excitement with a 100% Bonus Code! • Kraken Job Cuts 15% Layoff Restructures Future for 400 Employees • Robinhood Trading Volume Soars 112% Year-Over-Year • Investors Rush for Qubetics’ $TICS with 85K% ROI Potential While Solana & Zephyr Poised for Expansion • Join Over 1,300 $TICS Holders Today Before the Next Price Hike! Qubetics in Phase 6 as Toncoin Adapts and Tokero Innovates

News Hong Kong Eyes RMB-Backed Stablecoins for Next Step in Digital Growth 1 min - Around 2 mins mins to read

Key Points:

David Chiu views stablecoins as a promising and expansive market for Hong Kong.

Regulatory clarity is essential before Hong Kong proceeds with stablecoin initiatives, Chiu emphasized.

Chiu is particularly interested in the potential of issuing RMB-backed stablecoins in Hong Kong.

Hong Kong shows growing interest in RMB-backed stablecoins as part of its digital asset push. David Chiu highlights the potential, describing the market as “huge”.

Hong Kong is showing increasing interest in RMB-backed stablecoins as part of its broader push into digital assets. David Chiu, a member of the Hong Kong Special Administrative Region’s Legislative Council for Technology and Innovation, recently highlighted the potential of stablecoins at the inauguration ceremony of the Hong Kong Compliance Industry Association, as per Foresight News.

Hong Kong’s Strategic Focus on RMB-Backed Stablecoins

Chiu expressed particular interest in the possibility of issuing RMB-based stablecoins in Hong Kong, describing the market as “huge.” He emphasized the need to wait for Hong Kong’s regulatory details before moving forward, indicating a cautious approach to this emerging financial technology.

The interest in RMB-backed stablecoins aligns with Hong Kong’s broader plans for comprehensive stablecoin regulations. In August, TokenInsight reported that Hong Kong is aiming to introduce a regulatory framework supported by sandbox testing through the Hong Kong Monetary Authority (HKMA).

Read more: Stripe Secures $1.1B Bridge Stablecoin Payment Push

HKMA’s Regulatory Framework for Stablecoins

According to CoinGeek, Hong Kong’s approach to stablecoin regulation is characterized by what Chiu calls an “agile and risk-based approach.” The city aims to integrate stablecoins into its financial system gradually, balancing innovation with regulatory control.

The HKMA has already taken steps in this direction, announcing the first participants in its stablecoin issuer sandbox on July 18. The participants include a company linked to a major Chinese e-commerce retailer, a local fintech firm, and a coalition of Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications.

David Chiu David Chiu Stablecoin Hong Kong Stablecoin RMB Stablecoin RMB-Backed Stablecoin RMB-Based Stablecoin

Author Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.