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National Committee of the Chinese People's Political Consultative Conference member Yao Zhisheng: Suggesting that the Hong Kong SAR government seek central support to develop an officially certified offshore RMB stablecoin.



According to Ming Pao, National Committee member Yao Zhisheng stated that stablecoins represent a significant opportunity for the financial development of Hong Kong. In terms of international market payment demand, the application scenarios for HKD stablecoins will not be many, and the usage will not be very large. For Hong Kong, the development of stablecoins is not primarily about the importance of HKD stablecoins themselves, but rather about Hong Kong being able to take the lead in the field of stablecoins in the context of RMB internationalization, becoming a major platform for offshore RMB stablecoins, thereby creating a global hub for stablecoin issuance. The biggest opportunity for Hong Kong's stablecoins lies in the development of RMB stablecoins.
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