Hong Kong Legislative Council: Seeking Central Government Support to Develop Offshore RMB Stablecoin in Hong Kong

Jinse Finance reported that on the afternoon of October 13, the Secretariat of the Hong Kong Legislative Council released the latest issue of "Special Express" titled "Latest Developments in Hong Kong's Fintech and Digital Assets." The report outlines how Hong Kong has leveraged technology for innovation and application in recent years in the fields of fintech, digital assets, green and sustainable finance, and cross-border finance, and summarizes related discussions and recommendations from the Legislative Council. Looking ahead, legislators suggest seeking support from the central government to develop an offshore RMB stablecoin in Hong Kong, and to boldly explore and practice in emerging financial fields such as digital assets and cryptocurrencies, fully utilizing Hong Kong's role as a "stablecoin testing ground."