Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»HKMA Chairman: Stablecoins can become an interface between traditional finance and cryptocurrencies
ADOPTION NEWS

HKMA Chairman: Stablecoins can become an interface between traditional finance and cryptocurrencies

By Crypto FlexsDecember 27, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
HKMA Chairman: Stablecoins can become an interface between traditional finance and cryptocurrencies
Share
Facebook Twitter LinkedIn Pinterest Email

Eddie Yue, CEO of the Hong Kong Monetary Authority, said today that the cryptocurrency market is “not yet mature” and will continue to develop.

“This allows stablecoins to become an interface between traditional finance and virtual asset markets,” Yue said. name. “In a scenario where stablecoins become one of the preferred payment options for the general public, we should reasonably expect further integration between the digital payments ecosystem and the real economy, and whether stablecoins are actually ‘stable’ will become even more important. It will. ”

Yue’s remarks were jointly announced by the HKMA, Hong Kong’s de facto central bank, and the Department of Financial Services and Finance. A consultation paper was published today to gain more power to regulate Issuer of a “Fiat Reference Stablecoin”.

The Hong Kong government appears to have confirmed the growth potential of cryptocurrency. “The clear growth potential of virtual assets as innovative technologies has been largely overshadowed by price volatility, particularly their rapid growth during the COVID-19 pandemic and the collapse of virtual assets following a series of market events since early 2022, hampering market confidence.” Yu said.

Exploring the use of CBDC

“Hong Kong has a variety of mediums of exchange that have been widely used and proven effective over time, including traditional bank deposits and store-of-value facilities,” Yue said. “The HKMA and the banking industry have also been actively exploring potential use cases for central bank digital currencies and tokenized deposits.”

“The obvious question is, with all these options, do we really need another alternative? We believe the answer lies in the hands of the end user, who ultimately decides which option is best for them,” he added.

Unlike neighboring mainland China’s widespread crackdown on cryptocurrency trading and mining, Hong Kong has rolled out the welcome mat for cryptocurrency companies this year. Encouraging banks to cooperate with them. Last June, Hong Kong officially launched a cryptocurrency licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services.

Last week, the HKMA and the Securities and Futures Commission stated in a joint circular: We are ready to begin accepting applications In the case of spot cryptocurrency exchange-traded funds (ETFs). Some industry leaders say Hong Kong You can be one of the first leaders Asia accepts spot Bitcoin ETFs If the US approves such an ETF.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025

RLUSD Stablecoin is extended to Africa to supply power to the border between the border.

September 5, 2025

Bybit Establishes New B2B Unit To Drive Institutional Adoption Of Digital Assets

September 5, 2025

Lowkick Studio Launches $SHARDS Token On Top Tier Exchanges For WorldShards MMORPG

September 5, 2025

The cryptocurrency is falling when the tokens and stocks connected to Trump are under pressure.

September 5, 2025

Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results

September 5, 2025

Coindesk July 2025 Report: Stablecoins and CBDC

September 5, 2025

NOWPayments To Participate In SiGMA Europe Rome 2025

September 4, 2025

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

If this trend is owned, the XRP price is $ 3.4 and you can see 20% bounce.

September 6, 2025

GBC Mining Launches Scalable Cloud Mining Plans, Enabling Passive Income For Global Crypto Enthusiasts

September 6, 2025

The 320K holder of the WAVERS & Cardano Price Surges Surges BlockDag signals the next large encryption.

September 6, 2025
Most Popular

What is Wavlake? – Bitfinex Blog

August 10, 2024

Popular Telegram Wallet Grindery’s Bear Team AI Anfront for AI Agent

April 30, 2025

New Cryptocurrency Launches, Listing and Pre-Sale Today – XRGB, Children Aid Foundation, Website AI

March 3, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.