Some scientists call for stablecoin in Hong Kong

Because dependence on the U.S. dollar is too high, a number of scholars are advocating a government-backed stablecoin in Hong Kong.

According to research papers backed by Wang Yang, vice president of the Hong Kong University of Science and Technology, among others, the special economic zone needs a competitive stablecoin. The proposal is to create a digital version of the Hong Kong dollar (HKG) and fund as "a bridge" between traditional finance and the crypto sector. The article's authors recommend that the Hong Kong government provide state support. Thus, the competition Tether and other stablecoins already have a clear head start.

It would also reduce dependence on the U.S. dollar

Since June, private investors in Hong Kong have also been able to invest in Bitcoin, Ether and other cryptocoins. Since then, the Chinese Special Administrative Region has been seen as a glimmer of hope for China's return to the crypto industry. For example, Bitcoin mining and private investment in cryptocurrencies have been banned in the Middle Kingdom for some time.