As China prepares its digital yuan for wider domestic and cross-border use, the global debate has turned again to a familiar question: is Beijing trying to challenge the US dollar’s dominance? But this misses the more consequential point. The significance of China’s digital currency push lies not in substitution, but in the transformation of the…
Hong Kong authorities will strive to create a conducive environment for the wide-ranging application of stablecoins in a bid to provide practical help for businesses to resolve cross-border payment issues, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po on Sunday reaffirmed the government’s efforts in applying fintech to resolve long-standing “pain points”…
Hong Kong made a forward-looking move on digital assets last month by passing a landmark law to regulate the market for stablecoins. Such a regime, which is well ahead of many jurisdictions in Asia and North America, will help bolster public confidence in this popular and fast-growing financial sector. It showcases the city’s crucial role…