- Hong Kong regulator suggests issuing digital Hong Kong dollar stablecoin.
- The lawmaker believes this would bolster web3 development.
- Hong Kong has been actively looking to regulate cryptocurrencies.
According to Wu Jiezhuang, a member of the e Hong Kong Legislative Council, developing the nation’s digital Hong Kong dollar into a stable currency could offer a slew of benefits for the nation and play a significant part in drawing in web3 startups to the nation.
Jiezhuang is a founding member of G-Rocket, a startup accelerator he co-founded along with Legislative Council member Johnny Ng Kit-Chong in 2016. The program plans to help 1,000 Web3 start-ups set up their businesses in Hong Kong in the coming years.
Jiezhuang’s comments came in a recent interview, where he discussed the perks of turning the nation’s digital dollar into a stablecoin. Per Jiezhuang, the current stablecoins are primarily issued by private entities and haven’t been able to bolster market confidence, especially following recent events that saw the collapse of several stablecoin economies.
As such, Jiezhuang urges that the Hong Kong government can consider issuing the digital Hong Kong dollar as a stablecoin, and connect it to the decentralized finance eco-systems, thus allowing the web3 ecosystem to benefit from it. The regulator believes such a stablecoin could become an integral pa ...
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