Members of the Hong Kong Legislative Council: It is recommended to speed up the launch of digital Hong Kong dollars at the retail level and encourage private institutions to issue compliant Hong Kong dollar stablecoins

Odaily Planet Daily News Hong Kong Special Administrative Region Legislative Council Member (Science and Technology Innovation Circle) Qiu Dagen submitted the "Three Arrows and Three Circles" economic and technological development policy proposal on the "2023 Policy Address", and put forward a number of suggestions, including Hong Kong investment management Co., Ltd. established a 5 billion "Angel Fund of Funds" to stimulate investment in the science and technology innovation industry, launched the "Quota Investment Introduction Plan", aimed at introducing potential high-tech companies in the growth stage, and established a "Secondary Market Matching Fund" to revitalize the secondary capital Market, cancel or reduce stamp duty on stocks, issue tokens to support the development of Xintian Science and Technology City, accelerate the launch of digital Hong Kong dollars at the retail level, launch "Hong Kong dollar stable currency" sandbox, and provide policy incentives to encourage private institutions to issue compliant Hong Kong dollar stable currency, etc. , hoping to use market forces to accelerate the recovery of Hong Kong's economy, and to create more new momentum for Hong Kong by comprehensively promoting the development of the digital economy and Web3. Regarding the "Three Arrows and Three Circles" policy initiative, the "Three Circles" include the issuance of tokens to support the development of Xintian Science and Technology City, the launch of digital Hong Kong dollars as soon as possible and the use of government funds for pilot applications, and the issuance of Hong Kong dollar stable coins to promote the virtual asset industry in Hong Kong develop. Among them, regarding the proposal to issue tokens to support the development of Xintian Science and Technology City, Qiu Dagen explained that about 23% of the total land area of ​​the first phase of Xintian Science and Technology City is "ancestral land", and the ownership of these lands is owned by the entire clan have. Under the issuance mechanism of asset-backed tokens (ABT), land parcels can be divided in the form of tokens, which will help solve the difficulty of recovering "ancestral land"; ABT also empowers token holders to vote on relevant land parcel decisions rights, and allows token holders to retain rights similar to those enjoyed by members of the "ancestral hall" in the past.