Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong: Stablecoins Are Not Tools for Wealth Generation

According to a report by Jinse Finance, Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, stated on a television program today (29th) that digital assets are an inevitable trend. He emphasized that stablecoins are not tools for speculation or getting rich, but rather instruments for financial development. Hui explained that while financial activities currently rely on various intermediaries or institutions for capital flows, stablecoins circulate on the blockchain, which helps enhance the efficiency and speed of financial transactions, making the real economy more efficient. When asked whether stablecoins might undermine international monetary sovereignty, Hui responded that the government is fully aware of the associated risks and has a clear regulatory philosophy. He stated that stablecoin issuers are required to maintain a certain level of capital or reserves and that the redemption period for stablecoins is regulated to ensure that purchasers or institutions are able to redeem their currency.