{"id":50859,"date":"2023-07-04T23:48:53","date_gmt":"2023-07-04T23:48:53","guid":{"rendered":"https:\/\/lydian.io\/?p=50859"},"modified":"2023-07-04T23:48:56","modified_gmt":"2023-07-04T23:48:56","slug":"proponents-are-calling-for-the-hong-kong-government-stablecoin-to-compete-with-tether-and-usd-coin","status":"publish","type":"post","link":"https:\/\/lydian.io\/proponents-are-calling-for-the-hong-kong-government-stablecoin-to-compete-with-tether-and-usd-coin\/","title":{"rendered":"Proponents are calling for the Hong Kong government stablecoin to compete with Tether and USD Coin","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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Cryptocurrency and blockchain advocates have authored a report urging the Hong Kong authorities to challenge a stablecoin pegged to the area\u2019s greenback that would problem Tether and USD Coin\u2019s dominance.<\/p>\n
In accordance with an English translation of a July 3 report provided<\/a> by Chinese language crypto reporter Colin Wu, 4 individuals related to monetary innovation suggested<\/a> The federal government is issuing an HKDG (Hong Kong Greenback Authorities) stablecoin to assist its management efforts within the digital economic system. Wang Yang, vp for institutional improvement at Hong Kong College of Science and Know-how; Cai Wensheng, founding father of smartphone software program firm Meitu; Lei Zhibin, Honorary Chairman of the Hong Kong Blockchain Affiliation; and graduate pupil Wen Yizhou co-authored the article.<\/p>\n \u201cThe issuance of a Hong Kong dollar-pegged stablecoin not solely helps solidify Hong Kong's management within the blockchain sector, but in addition fuels the development of the digital Hong Kong greenback by bettering transaction effectivity, lowering transaction prices, present cost techniques improved and additional strengthened.\"Hong Kong's fintech capabilities,\" the report stated. \u201cMoreover, the Hong Kong greenback stablecoin can enhance the effectivity and inclusivity of Hong Kong's monetary system; Its stability, freedom of alternate, excessive safety, openness and cross-border liquidity can assist a broader vary of monetary improvements.\u201d<\/p>\n A proposal for Hong Kong to challenge a Hong Kong Greenback stablecoin to compete with USDT\/USDC<\/p>\n By Vice President of Hong Kong College of Science and Know-how and Chairman of Meitu<\/p>\n Proceed studying: https:\/\/t.co\/pCTxkqMLM7<\/a><\/p>\n