Lawmaker: Hong Kong Dollar Can be Issued as a Stablecoin

  1. Hong Kong lawmakers are proposing the Hong Kong Dollar be issued as a stablecoin.
  2. This was made clear in an interview with the legislators.
  3. Following this, investors in Hong Kong would feel more secure in the Web3 market.

Legislators in Hong Kong have proposed the possibility of transforming the digital Hong Kong dollar into a stablecoin that would be issued by the government and linked to DeFi.

This reportedly happened in an Interview with Wu Jiezhuang, a member of the National Committee of the Chinese People’s Political Consultative Conference and a member of the Hong Kong Legislative Council.

Since the publication of the “Policy Declaration on the Development of Virtual Assets in Hong Kong,” an increasing number of Web3 entrepreneurial forces have been spurred to enter Hong Kong.

G-Rocket, a startup accelerator, said on the 23rd of December 2022 that it intends to assist 1,000 Web3 businesses in establishing offices in Hong Kong over the course of the next three years. Member of the Hong Kong Legislative Council Wu Jiezhuang was one of the original founders of G-Rocket.

Over the course of the last year, G-Rocket has been involved with an increasing number of entrepreneurial ventures originating in the Web3 sector.

According to the interview, Wu Jiezhuang is quoted as saying that G-Rocket will assist an increased number of Web3 companies in relocating their development operations to Hong Kong as a result of the opportunities presented by the announcement of the Hong Kong Virtual Asset Development Policy Declaration.

Wu Jiezhuang made several recommendations on Web3 and virtual asset supervision in this interview. According to him, Hong Kong has the potential to oversee the growing epidemic of cyber theft, establish a virtual asset rating agency, and cultivate the digital Hong Kong dollar into a reliable currency choice. 

It hopes that by taking these precautions, investors would feel more secure in the Web3 market.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

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