Hong Kong Financial Secretary: Stablecoins are not tools for making money, but tools for financial development
ChainCatcher news, according to a report by Ta Kung Pao, Hong Kong's Secretary for Financial Services and the Treasury, Hui Ching-yu, stated today (29th) on a television program that digital assets are an inevitable trend, emphasizing that stablecoins are not tools for making money or getting rich, but rather tools for financial development. Hui Ching-yu mentioned that currently, financial activities are conducted through various intermediaries or institutions, while stablecoins circulate on the blockchain, which helps enhance the efficiency and speed of financial activities, making the real economy more efficient. When asked whether stablecoins might undermine the sovereignty of international currencies, Hui Ching-yu stated that the government fully understands the associated risks, has a clear regulatory concept, and requires stablecoin issuers to have certain capital or reserves, as well as regulations on the redemption time of stablecoins, to ensure that purchasers or institutions can redeem their currency.