Hong Kong Treasury Secretary Paul Hui: Stablecoin redemption must be completed within one working day

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Wu Blockchain
7 hours ago
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According to Zhitong Finance, Hong Kong Financial Secretary Norman Chan stated in a radio program interview yesterday that the underlying basis of stablecoins is legal tender, and in the future, they can be used as a payment method through blockchain technology in electronic asset form. Chan said that stablecoin issuers will be regulated by the Hong Kong Monetary Authority, with regulatory principles similar to traditional financial assets. Relevant issuers must comply with regulations on reserve asset management and redemption, including proper segregation of customer assets and completing redemption requests within one working day when requested by stablecoin holders. Chan added that due to the payment characteristics of stablecoins, when services or projects are conducted in "Belt and Road" regions with significant currency exchange rate fluctuations or immature financial systems, local currencies may pose certain risks, and stablecoins can be used as an alternative payment method.

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