Hong Kong Treasury Secretary: Stablecoins are a tool for financial development, not a tool for making money

PANews reported on June 29 that according to Ta Kung Pao, Hong Kong Financial Services and Treasury Secretary Paul Hui said on a TV program today (29th) that digital assets are the general trend, emphasizing that stablecoins are not a tool for making money, but a tool for financial development. Paul Hui said that currently financial activities are circulated through funds from different intermediaries or institutions, and stablecoins circulate on the blockchain, which helps to improve the efficiency and speed of financial activities and make the real economy more efficient. When asked about the possibility that stablecoins may weaken international monetary sovereignty, Paul Hui said that the government fully understands the relevant risks and has a clear regulatory concept. It requires stablecoin issuers to have a certain amount of capital or reserves and regulates the redemption time of stablecoins to ensure that buyers or institutions can redeem the currency.