According to Techub News, Hong Kong's China News Service reported that the chairman of the Hong Kong Association for Democracy and People's Livelihood and Legislative Council member, Lo Wai-Kwok, stated that developing stablecoins is a way to "break the deadlock" in Hong Kong's financial market. He suggested leveraging Hong Kong's position as a pilot platform for stablecoin issuance to issue offshore RMB stablecoins, aiding in the internationalization of the RMB. These measures not only promote innovation in cross-border payments but also reduce Hong Kong's reliance on the SWIFT system. Additionally, he suggested striving to expand the size of Hong Kong's RMB funding pool by five times from the current amount to 5 trillion RMB, in line with the development needs of RMB stablecoins.
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According to Techub News, Hong Kong's China News Service reported that the chairman of the Hong Kong Association for Democracy and People's Livelihood and Legislative Council member, Lo Wai-Kwok, stated that developing stablecoins is a way to "break the deadlock" in Hong Kong's financial market. He suggested leveraging Hong Kong's position as a pilot platform for stablecoin issuance to issue offshore RMB stablecoins, aiding in the internationalization of the RMB. These measures not only promote innovation in cross-border payments but also reduce Hong Kong's reliance on the SWIFT system. Additionally, he suggested striving to expand the size of Hong Kong's RMB funding pool by five times from the current amount to 5 trillion RMB, in line with the development needs of RMB stablecoins.