Hong Kong Federation of Youth Directors: Hong Kong dollar stablecoins should be able to be used in Guangdong, Hong Kong and Macao and establish a three-place payment chain

In an article in the Hong Kong Economic Times, Tung Lau Kin-yu of the Hong Kong Federation of Youth said that the Hong Kong Financial Services and the Treasury Bureau and the Monetary Authority have previously issued a consultation summary on the legislative proposal to implement a supervision system for stablecoin issuers in Hong Kong, and announced three participating institutions in the sandbox. Participating institutions can test the expected business model within a specified range and communicate with the authorities on how to comply with the proposed stablecoin regulatory system in the future. In the future, Hong Kong's stablecoin sandbox participating institutions should be based on the Guangdong-Hong Kong-Macao Greater Bay Area, and establish a payment chain that can be legally used in the three places, such as using the method of "Hong Kong dollar stablecoin - Hong Kong dollar - RMB/Macau dollar" to achieve compliance and comply with financial safety.