Director of the Hong Kong Federation of Youth Groups: Hong Kong dollar stablecoin should be used in Guangdong, Hong Kong and Macao and establish a payment chain in the three places

Liu Jianyu, director of the Hong Kong Federation of Youth Groups, wrote that the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority have previously issued a consultation summary on the legislative proposals for the implementation of a stablecoin issuer regulatory system in Hong Kong, and announced three institutions participating in the sandbox. Participating institutions can test the expected business model within the specified scope and communicate with the authorities on how to comply with the proposed stablecoin regulatory system in the future. In the future, Hong Kong's stablecoin sandbox participants should be based on the Guangdong-Hong Kong-Macao Greater Bay Area and establish a payment chain that can be legally used in the three places, such as using the "Hong Kong dollar stablecoin-Hong Kong dollar-RMB/MOP" method to achieve compliance and financial security. (Hong Kong Economic Times)