Odaily Planet Daily News Fang Hongjin, co-chairman of the Hong Kong Blockchain Association, expressed his opinion on the Hong Kong dollar stable currency, and disagreed with the Hong Kong government's proposal to issue the Hong Kong dollar stable currency with foreign exchange reserves as collateral.

Fang Hongjin said that the Hong Kong government has expressed its intention to issue digital Hong Kong dollars, so it is redundant to use foreign exchange reserves to issue Hong Kong dollar stable coins. Second, it is unreasonable to issue Hong Kong dollar stablecoins with foreign exchange reserves as collateral, because Hong Kong dollar stablecoins should be anchored to the U.S. dollar or a basket of hard currencies, not the Hong Kong dollar itself. Fang Hongjin also raised objections to the role of the government in the issuance and supervision of stablecoins, arguing that the government should not play the role of issuance and supervision itself, but should be issued by private institutions under government supervision.
According to previous reports, Wang Yang, vice president of the Hong Kong University of Science and Technology and chief scientific advisor of the Hong Kong Web3.0 Association, angel investor Cai Wensheng, and founder of Block City Web3.0 technology company Lei Zhibin proposed that Hong Kong issue a Hong Kong dollar stable currency backed by foreign exchange reserves .