Co-chairman of the Hong Kong Blockchain Association, Fang Hongjin: The Hong Kong government should not issue a Hong Kong dollar stablecoin

ChainCatcher news, Hong Kong Blockchain Association co-chairman Fang Hongjin expressed his views on the Hong Kong dollar stablecoin, disagreeing with the suggestion that the Hong Kong government issue the Hong Kong dollar stablecoin backed by foreign exchange reserves.

Fang Hongjin stated that the Hong Kong government has already expressed its intention to issue a digital Hong Kong dollar, so using foreign exchange reserves to issue a Hong Kong dollar stablecoin is unnecessary. Furthermore, issuing a Hong Kong dollar stablecoin backed by foreign exchange reserves is unreasonable, as the Hong Kong dollar stablecoin should be pegged to the US dollar or a basket of hard currencies, rather than the Hong Kong dollar itself. Fang Hongjin also raised objections to the government's role in the issuance and regulation of stablecoins, arguing that the government should not play the role of issuer and regulator itself, but rather that private institutions should issue under government supervision. (Source link)