Luo Zhuojian, a member of the National Committee of the Chinese People's Political Consultative Conference and a consulting expert of the Ministry of Finance: It is necessary to expand the participation of Hong Kong's stablecoin sandbox

Luo Zhuojian, a member of the National Committee of the Chinese People's Political Consultative Conference and a consulting expert of the Ministry of Finance, issued a document calling for the active development of stablecoins to protect the advantages of Hong Kong's financial center. He pointed out that Hong Kong can cooperate with Financial Institution Groups in other regions in the application of stablecoins to explore its potential in international settlement and cross-border application models. It can also encourage cooperation between traditional Financial Institution Groups, payment platforms and technology companies to jointly promote the application of stablecoins. In addition to cross-border and payment, stablecoins can also be used in fund raising and asset management to further expand their application scope. In addition, it is necessary to expand the participation scope of sandboxes. Relax application conditions so that more start-ups and innovative projects can test new products