National Committee Member Luo Zhuojian: It is necessary to expand the participation scope of the Hong Kong stablecoin sandbox

ChainCatcher news, according to Hong Kong News Network, National Committee member of the Chinese People's Political Consultative Conference and consulting expert of the Ministry of Finance, Luo Zhuojian, published an article calling for the active development of stablecoins to maintain Hong Kong's financial center advantages. He pointed out that Hong Kong can collaborate with financial institutions in other regions on the application of stablecoins, exploring their potential in international settlement and cross-border application models. It 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 uses, stablecoins can also be utilized in fundraising and asset management, further expanding their application scope. Moreover, it is necessary to broaden the participation in the sandbox, relax application conditions, and allow more startups and innovative projects to test new products in a low-risk environment.