Hong Kong Treasury Secretary: Retail trading is not allowed before Hong Kong formally regulates stablecoins

Foresight_News · 2023-10-06T07:23:02.000Z

According to Foresight News, according to "Ming Pao", Hong Kong Secretary for Financial Affairs and the Treasury Hui Ching-yu pointed out in the investment committee interview program that relevant currencies in the market will use US dollars or gold to support their value, with the goal of stabilizing prices, but in the past, they have also There have been price fluctuations or even collapses of stablecoins. The reserve management of stablecoin issuers will affect price stability and investors’ rights to redeem fiat currency. Considering these factors, stablecoins will not be included until Hong Kong officially regulates them. Retail sales are allowed.

According to Ming Pao, Hong Kong Financial Secretary Paul Hui pointed out in an interview with the Investment Committee that the relevant currencies in the market will be backed by US dollars or gold, with the goal of stabilizing prices. However, there have been price fluctuations and even collapses in stablecoins in the past. The reserve management of stablecoin issuers will affect price stability and investors' rights to redeem legal tender. Taking these factors into consideration, retail trading will not be allowed before Hong Kong formally regulates stablecoins.