Qiu Dagen proposed the "Three Arrows and Three Circles" policy initiative: suggesting that Hong Kong issue a Hong Kong dollar stablecoin to promote the development of virtual assets

ChainCatcher news, Hong Kong Legislative Council member (Technology and Innovation Sector) Kenneth Lau held a press conference today (August 31) at the Legislative Council Complex and submitted the "Three Arrows and Three Circles" economic and technology development policy initiative. The initiative suggests accelerating the launch of retail-level digital Hong Kong dollars, introducing a "Hong Kong Dollar Stablecoin" sandbox, and providing policy incentives to encourage private institutions to issue compliant Hong Kong Dollar stablecoins, among other proposals. The aim is to leverage market forces to accelerate the recovery of Hong Kong's economy and create more new momentum for Hong Kong through the comprehensive advancement of the digital economy and Web3 development.

Member Lau stated that regarding the "Three Arrows and Three Circles" policy initiative, the "Three Arrows" include establishing a mother fund to activate private capital investment in the technology and innovation industry, investing in and attracting potential growth-stage technology companies, improving the refinancing capabilities of small and medium-sized listed companies, setting up a secondary market matching fund, and reducing stamp duty; the "Three Circles" include issuing tokens to support the development of the New Territories Science and Technology City, expediting the launch of digital Hong Kong dollars with government disbursements as application pilots, and issuing Hong Kong Dollar stablecoins to promote the development of virtual assets in Hong Kong.