{"id":10515,"date":"2024-02-07T17:25:00","date_gmt":"2024-02-07T15:25:00","guid":{"rendered":"https:\/\/forklog.com\/en\/hong-kong-proposes-yuan-pegged-stablecoins\/"},"modified":"2024-02-07T17:25:00","modified_gmt":"2024-02-07T15:25:00","slug":"hong-kong-proposes-yuan-pegged-stablecoins","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hong-kong-proposes-yuan-pegged-stablecoins\/","title":{"rendered":"Hong Kong Proposes Yuan-Pegged Stablecoins"},"content":{"rendered":"<p>The Hong Kong Chamber of Commerce <a href=\"https:\/\/www.chamber.org.hk\/en\/media\/press-releases_detail.aspx?ID=3762\">urged<\/a> the local government to include the issuance of yuan-pegged stablecoins in the upcoming budget.<\/p>\n<p>The proposal also includes the option to issue stablecoins backed by a basket of various currencies, including yuan. Currently, tokens based on the <span data-descr=\"Hong Kong dollar\" class=\"old_tooltip\">HKD<\/span> and <span data-descr=\"US dollar\" class=\"old_tooltip\">USD<\/span> are permitted.<\/p>\n<p>Separately, the organization called on the government to explore the creation of a so-called Virtual Asset Connect Scheme with a daily limit of about 20 billion HKD ($2.5 billion). The Chamber did not provide details of the mechanism.<\/p>\n<p>The proposals are part of a set of measures aimed at improving Hong Kong&#8217;s economic situation. The document emphasizes retaining and attracting talent and business.<\/p>\n<p>In December, HKMA, the Securities and Futures Commission, and the Treasury Bureau <a href=\"https:\/\/www.info.gov.hk\/gia\/general\/202312\/27\/P2023122700279.htm?fontSize=1\">announced<\/a> the necessity for stablecoin issuers to obtain licenses. The consultation document review will conclude at the end of February.<\/p>\n<p>Eddie Yue, CEO of the <span data-descr=\"Hong Kong Monetary Authority\" class=\"old_tooltip\">HKMA<\/span>, <a href=\"https:\/\/www.fstb.gov.hk\/en\/blog\/blog020224.htm\">emphasized<\/a> that stablecoins could serve as a bridge between <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span> and the virtual asset market.<\/p>\n<p>In June 2023, the Hong Kong-based custodial and trust company First Digital announced the launch of First Digital USD (FDUSD), a stablecoin pegged to the US dollar.<\/p>\n<p>Later, the CEO of USDC issuer Circle, Jeremy Allaire, predicted an enhanced role for the special administrative region in the digital asset and stablecoin market.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hong Kong Chamber of Commerce urged the local government to include the issuance of yuan-pegged stablecoins in the upcoming budget. The proposal also includes the option to issue stablecoins backed by a basket of various currencies, including yuan. Currently, tokens based on the HKD and USD are permitted. Separately, the organization called on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[832,36,807,1369],"class_list":["post-10515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-hong-kong","tag-regulation","tag-stablecoins","tag-yuan"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=10515"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/10515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/10514"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=10515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=10515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=10515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}