ChainCatcher news, the Hong Kong Legislative Council's Web3 and Virtual Assets Development Subcommittee held a meeting on November 19 to discuss the promotion of blockchain technology applications and Web3 development. Business sector member Yan Gang suggested combining the virtual asset index with the development of local stablecoins, allowing Hong Kong to gain a certain degree of influence in the pricing power of virtual asset trading. He hopes that the SAR government will further plan in this regard.

ChainCatcher news, Hong Kong Special Administrative Region Legislative Council member Yan Gang stated in an interview that the development of the digital Hong Kong dollar should be accelerated, financial products enriched, and market influence enhanced. Digital currency adapts to the digitalization of finance and has the potential to lead innovation in the fintech sector. By establishing more efficient payment and financial infrastructure, digital currency can improve the efficiency and convenience of the financial industry. Developing digital currency in Hong Kong can also attract more fintech and blockchain-related companies to develop in Hong Kong, further promoting the city as an innovation center for fintech and enhancing the innovative technological content of the international financial center, thereby elevating its status as an international financial hub. It is recommended that the government learn from the experience of the mainland, collaborate deeply with relevant mainland units, accelerate the process of the digital Hong Kong dollar, and actively research the promotion of the digital currency economy.