Conflux founder Long Fan: Support Hong Kong to explore offshore RMB stablecoins and promote the further development of Web3 policies

Long Fan, founder of Conflux Network and dean of Shanghai TreeGraph Blockchain Research Institute, recently said that as a financially open and highly free city, Hong Kong has the potential to become a national fintech test field, especially in terms of Web3.0 and digital asset policies, "it can be further strengthened and take bigger steps."

Long Fan pointed out that the Hong Kong Special Administrative Region has continued to promote the implementation of virtual asset-related policies in recent years, and has made significant progress in the licensing of trading platforms, stablecoin legislation, and exploration of security tokens, becoming an important node in the global Web3 ecological layout. He called on Hong Kong to further promote the research and issuance of offshore RMB stablecoins on the basis of the existing ones as a new path to explore the internationalization of RMB.

"Compared with the development speed of US dollar stablecoins, RMB stablecoins are still in their early stages globally, but they have huge room for development." Long Fan emphasized that the huge volume of trade between China and countries along the Belt and Road constitutes a strong and realistic demand for stable and low-cost settlement tools. If the pilot of offshore RMB stablecoins can be promoted in combination with Hong Kong's status as an international financial center and its compliance environment, it will have far-reaching strategic significance.

In recent years, Conflux Network has actively participated in the construction of Hong Kong's Web3.0 ecosystem. Its public chain technology has the characteristics of high throughput and low cost, and is suitable for large-scale payment and asset issuance scenarios. It is reported that supporting the issuance of compliant stablecoins has become one of the key development directions of the Conflux public chain.

Industry insiders believe that if the pilot of offshore RMB stablecoins can be implemented in Hong Kong, it is expected to not only optimize cross-border settlement efficiency, but also provide important support for the internationalization of RMB. The participation of local technology platforms such as Conflux will also help strengthen the construction of independent and controllable Web3 underlying infrastructure.