Caixin: Financial "testbeds" such as Bitcoin and stablecoins will not be placed in Hainan

TechFlow, December 29 — According to Caixin, Hainan Island has officially commenced closed-loop operations. Its geographical advantage lies in being backed by China's domestic market, the world's second-largest economy. In terms of physical space and area, it surpasses Hong Kong. However, the Hainan Free Trade Port and Hong Kong focus on complementarity: Hong Kong serves more as a global trade hub, while Hainan acts as a node and nexus connecting both domestic and international markets. Financially, the two will have functional differentiation; for instance, financial "testbeds" such as Bitcoin and stablecoins will be placed in Hong Kong rather than Hainan.