Policy proposal for Hong Kong government-issued stablecoin emerges
A policy paper has recently proposed the creation of a government-backed stablecoin, the HKDG, in Hong Kong to potentially compete with well-established digital counterparts, such as USDT and USDC. A policy paper suggesting the Hong Kong government to launch its own stablecoin, named HKDG, backed by its substantial foreign exchange reserves, has been put forth. This development comes as an effort to compete with well-established stablecoins such as USDT and USDC. The report was jointly penned by Wang Yang, vice chancellor of the Hong Kong University of Science and Technology, chief scientific advisor of the Hong Kong web3 Association, angel investor Cai Wensheng, BlockCity founder Lei Zhibin, and doctoral candidate Wen Yizhou. Initial coverage of this news was by Wu Blockchain. A Proposal for Hong Kong to Issue a Hong Kong Dollar Stablecoin to Compete with USDT/USDC By Vice President of Hong Kong University of Science and Technology and Chairman of Meitu Read more: https://t.co/pC...