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Hong Kong Explores RMB-Backed Stablecoin Development with Central Government Support

Hong Kong Explores RMB-Backed Stablecoin Development with Central Government Support

Author:

Global Cryptocurrency

Published:

2025-10-13 11:19:02

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BTCCSquare news:

Hong Kong's Legislative Council has signaled a strategic push into renminbi-backed stablecoins, seeking alignment with China's central government. The MOVE comes as state-owned giants like PetroChina and Bank of China express interest in issuing sovereign-linked stablecoins—a potential game-changer for cross-border digital finance.

The council's October special report frames stablecoins as part of a broader technological transformation in global finance, alongside cryptocurrency and Web3 innovations. This institutional embrace mirrors growing recognition of digital assets' role in modernizing financial infrastructure.

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