‘We need to align our considerations with national policymaking,’ Hong Kong’s treasury chief says at the Lujiazui Forum
“The risks and monetary policy directions must be studied, as there will be both benefits and drawbacks to issuing a linked stablecoin,” he said. “We need to align our considerations with national policymaking and [Beijing’s] road map [for yuan internationalisation].”
Last month, Hong Kong passed new legislation requiring issuers of stablecoins – digital tokens pegged to a reference asset like a fiat currency – to be licensed by the Hong Kong Monetary Authority (HKMA). The law is set to take effect on August 1.
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