Hong Kong General Chamber of Commerce Proposes Issuing RMB Stablecoins

According to Foresight News, the Hong Kong General Chamber of Commerce has submitted a proposal to the Financial Secretary regarding the upcoming financial budget. The Chamber's Deputy Chairman, Chen Ruijuan, suggests that the Hong Kong government consider allowing the issuance of RMB stablecoins or stablecoins pegged to a basket of currencies, including RMB, HKD, or USD. Additionally, the proposal recommends establishing a virtual asset connectivity plan with an initial daily maximum transaction amount of approximately HKD 20 billion. The proposal aims to promote the development of Hong Kong's financial industry and maintain its status as an international financial center. By allowing the issuance of RMB stablecoins and establishing a virtual asset connectivity plan, the Hong Kong government can potentially attract more investors and businesses to the region, further strengthening its financial market.