Vice President of the Hong Kong Monetary Authority: If a stablecoin issuer promotes RMB stablecoin, it needs to obtain approval from mainland regulators

According to Hong Kong's Wen Wei Po, Chen Weimin, vice president of the Hong Kong Monetary Authority, said that the choice of currency by a stablecoin issuer to issue mainly depends on the applicant's own choice. The Hong Kong dollar stablecoin will be launched first, and other currencies, including RMB, will be issued in the future. It is allowed in the Hong Kong system, but applicants also need to obtain approval from mainland regulatory authorities. Regarding when the second batch of stablecin issuer licenses will be issued, Chen Weimin said that there is no relevant timetable at present, but he has been maintaining communication with applicants who are interested in applying for licenses. It is reported that HSBC stablecoins will connect to PayMe and HSBCHKApp applications and support real-time transfers between individuals and person-to-merchant (P2M) services.