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Former Vice President of Bank of China: The rapid development of US dollar stablecoins brings profound warnings, and consideration can be given to launching an offshore RMB stablecoin in Hong Kong

ChainCatcher news, former Vice President of the Bank of China Wang Yongli published an article titled "The Accelerated Development of Dollar Stablecoins Brings Profound Warnings," in which he pointed out that the United States is legislating to protect and support the mining and trading of crypto assets, even making it a national strategic reserve. It supports the legal operation of dollar stablecoins and actively seizes the high ground in the fields of crypto assets and stablecoins, enhancing the demand for U.S. Treasury bonds and the international influence of the dollar, which has significant and far-reaching strategic implications. China needs to fully recognize and actively respond to this.Fortunately, Hong Kong is actively promoting the development of Web 3.0 along with crypto assets and Hong Kong dollar stablecoins. Companies from the mainland are also actively participating. The regulatory framework for stablecoins in Hong Kong is leading the world and can provide valuable references for the mainland. It requires high attention and in-depth research from the financial sector, academia, as well as judicial and regulatory departments in the mainland. Consideration could be given to launching an offshore RMB stablecoin in Hong Kong, initially used for overseas crypto asset trading payment and settlement, exploring the development of RMB stablecoins and even digital RMB.

Today, the Hong Kong stock market's digital currency sector surged collectively, with brokerages pointing out that stablecoins are entering a new accelerated regulatory phase

ChainCatcher news, according to a report by Jinshi, in the Hong Kong stock market today, digital currency concept stocks collectively surged, with Lianlian Digital rising by as much as 80% during the trading session, Yika rising nearly 50%, and OKLink rising over 45%. By the close, Lianlian Digital's increase was still over 60%, OKLink rose over 40%, Yika rose nearly 40%, and ZhongAn Online rose nearly 10%.From a policy perspective, there have been continuous positive news for the digital currency industry recently, especially with stablecoins emerging as a new focus in the global financial market. The Hong Kong Special Administrative Region government published the "Stablecoin Ordinance" in the Gazette on May 30, which means that the "Stablecoin Ordinance" has officially become law. According to the current progress, compliant Hong Kong stablecoins are expected to be officially launched by the end of this year.In addition, the United States is also accelerating the promotion of stablecoin regulatory legislation. Some brokerages point out that stablecoins are entering a new phase of regulatory acceleration and will be regarded as important financial innovation tools, with expectations of continued policy support and further opening up of industry development space.
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