The Hong Kong Chamber of Commerce has asked local authorities to consider the possibility of issuing such stablecoins in the upcoming budget.
In addition to this, the proposal includes the possibility of issuing “stable coins” backed by a set of different currencies, including the yuan. Currently, HKD and USD based tokens are accepted.
These proposals are part of a set of measures, the implementation of which will help improve the economic situation in Hong Kong. The focus is on retaining and attracting talent and business, as stated in the document.
In December, the HKMA, the Securities and Futures Commission and the Treasury Bureau announced the need for stablecoin issuers to obtain licenses. Discussions on the consultation document will conclude at the end of February.
