National Committee of the Chinese People's Political Consultative Conference Standing Committee Member Yao Zhisheng: Hong Kong should strive to become a global stablecoin issuance center.

According to a report by Hong Kong's Ta Kung Pao on August 26, the member of the National Committee of the Chinese People's Political Consultative Conference, Yao Zhisheng, published an article titled "Focusing on Three Major Themes to Promote High-Quality Development in Hong Kong". It points out that stablecoins anchored to fiat currency possess the openness, transparency, decentralization, and globalization attributes of Crypto Assets granted by Blockchain technology and Distributed Ledger, while also having the characteristic of value stability typical of fiat currency. As an international financial center and the largest offshore Renminbi business center in the world, Hong Kong should leverage its 'One Country, Two Systems' advantage to seize the high ground in the development of stablecoins, striving to become a global center for stablecoin issuance and reinforcing Hong Kong's role as a 'Digital Financial Hub'.