Luo Zhuojian, member of the National Committee of the Chinese People's Political Consultative Conference: It is necessary to expand the scope of participation in the Hong Kong Stablecoin Sandbox

Luo Zhuojian, member of the National Committee of the Chinese People's Political Consultative Conference and consultant expert of the Ministry of Finance, issued an article calling for the active development of stablecoins to maintain Hong Kong's advantages as a financial center. He pointed out that Hong Kong can cooperate with financial institutions in other regions in the application of stablecoins to explore its potential in international settlement and cross-border application models, and can also encourage cooperation among traditional financial institutions, payment platforms and technology companies to jointly promote the application of stablecoins. In addition to cross-border and payment, stablecoins can also be used in fund raising and asset management to further expand their scope of application. In addition, it is necessary to expand the scope of participation in the sandbox and relax application conditions to allow more start-ups and innovative projects to test new products in a low-risk environment. (HKCNA)