TechFlow, July 31 — According to Jinshi Data, Song Ke, executive vice dean of the Shenzhen Institute of Renmin University of China, stated that Hong Kong's Stablecoin Ordinance is the world's first comprehensive regulatory framework targeting fiat-backed stablecoins. Globally, the ordinance has a demonstrative effect on stablecoin policy formulation. In his view, after the implementation of the Stablecoin Ordinance, relevant institutions can quickly transform previously accumulated pilot experience into actual products, accelerating the formation of Hong Kong's stablecoin ecosystem. Additionally, by promoting digital RMB and Hong Kong dollar stablecoins, reliance on the U.S. dollar clearing and settlement system can be gradually reduced.
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