Yesterday a political proposal was made in China for a “Cross-Border Digital Stable Currency in Hong Kong”. The concept has some similarities to the Libra digital currency in that it proposes a basket currency made up of the Chinese renminbi, Japanese yen, Korean won and Hong Kong dollar, according to a report from ChainNews. The purpose would be for cross border trade, initially in a Hong Kong regulatory sandbox. An indirect effect would be the reduction in the use of the U.S. dollar.
Like the Libra digital currency, it would involve a reserve system to safeguard the funds. It’s intended that the stablecoin be private, but supervised by the People’s Bank of China and the HKMA.
Yesterday saw the start of the Chinese People’s Political Consultative Conference (CPPCC), which is a political advisory body that convenes once a year and is made up of Communist Party members and other influential people. Some portray it as an advisory upper house.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
