Chairman of the Hong Kong Financial Development Council: Stablecoins should not become targets for short-term speculation, and the digitalization of asset markets is a long-term battle

ChainCatcher news, according to the Hong Kong Economic Journal, Hong Kong Financial Development Council Chairman Hong Pi-cheng stated that stablecoins should not be a target for speculation but should play a stabilizing role. On the eve of the implementation of the Hong Kong "Stablecoin Regulation" on August 1, dozens of companies have expressed their intention to apply for or participate in stablecoin business.

Hong Pi-cheng pointed out that the digitization of asset markets is a long-term battle, and stablecoins are an important part of the digitization of Hong Kong's financial market. He believes that Hong Kong is in a leading position in the digital development of financial centers and expects that more different assets will be tokenized in the future, but this process will take time.

He also emphasized that against the backdrop of an uncertain global trade outlook, Hong Kong should position itself as a financial center oriented towards the Global South, assisting enterprises and investors in diversifying supply chains and investment risks while maintaining its status as a capital market, wealth management, and RMB risk management center.