Hong Kong Financial Secretary: Stablecoins are expected to bring changes to the capital market

Odaily Planet Daily News Hong Kong SAR Government Financial Secretary Paul Chan Mo-po published a blog on the 29th saying that financial technology has great potential in cross-border trade applications, and the goal is to solve the long-standing pain points of slow cross-border payments and high costs, and better serve the real economy in the field of payment. The "Digital Asset Development Policy Declaration 2.0" released last week, one of the four pillars is "promoting application scenarios and cross-sector cooperation", which mentioned that stablecoins are cost-effective alternatives outside the traditional financial system, and have the potential to bring changes to payment and capital market activities, including cross-border payments. The law on stablecoins will take effect on August 1 this year. The SAR government and financial regulators will strive to create a favorable market environment, with necessary regulatory measures, to promote issuers to promote the application of stablecoins to different scenarios, and help solve the real pain points in business and citizens' lives. (Jinshi)