HK Lawmakers Bat for Stablecoin Masked CBDC
Hong Kong authorities are looking for new designs for a central bank digital currency (CDBC), with the government now proposing to issue a CBDC in the form of a stablecoin.
Wu Jiezhuang, a member of the Hong Kong Special Administrative Region Legislative Council, believes that converting the Hong Kong digital dollar (e-HKD) into a stablecoin would benefit the adoption of new technologies such as Web3.
The option of developing e-HKD into a stablecoin has the potential to address the risks associated with virtual assets in Web3 effectively, Wu Jiezhuang said . According to the lawmaker, such a design of the Hong Kong digital dollar would help authorities gain investors’ trust in the Web3 industry and better protect users from issues like hacks.
(Reporting by Shikha Singh; Editing by Kapil Rajyaguru)
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