Deep Tide TechFlow News: On March 25, according to a press release from the Hong Kong Special Administrative Region Government, Paul Chan, Secretary for Financial Services and the Treasury, responded on the development of Hong Kong's stablecoins and digital yuan. He stated that both the number of digital currency wallets opened via Hong Kong mobile numbers and their usage volume have shown steady growth, with approximately 80,000 digital currency wallets registered cumulatively as of the end of January. The People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for digital currency wallet upgrades to increase usage limits, expand application scenarios, and enhance user experience. Stablecoins and central bank digital currencies (such as the digital yuan), as well as other new payment tools, including tokenized deposits and cross-border linkages of fast payment systems, have the potential to be applied in different scenarios such as transaction settlement, local or cross-border payments, provided they comply with relevant legal and regulatory requirements.
Deep Tide TechFlow News: On March 25, according to a press release from the Hong Kong Special Administrative Region Government, Paul Chan, Secretary for Financial Services and the Treasury, responded on the development of Hong Kong's stablecoins and digital yuan. He stated that both the number of digital currency wallets opened via Hong Kong mobile numbers and their usage volume have shown steady growth, with approximately 80,000 digital currency wallets registered cumulatively as of the end of January. The People's Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for digital currency wallet upgrades to increase usage limits, expand application scenarios, and enhance user experience. Stablecoins and central bank digital currencies (such as the digital yuan), as well as other new payment tools, including tokenized deposits and cross-border linkages of fast payment systems, have the potential to be applied in different scenarios such as transaction settlement, local or cross-border payments, provided they comply with relevant legal and regulatory requirements.