Hong Kong legislator Wu Jiezhuang will raise questions in the Legislative Council on the development of stablecoins and initiate a vote

Hong Kong Legislative Council member Wu Jiezhuang posted on social media today that he will publicly raise a series of oral consultation questions related to "promoting the development of stablecoins" to the Secretary for Financial Services and the Treasury at the Legislative Council Financial Affairs Committee meeting on July 2.

This inquiry will focus on the following three major topics:

1. How can the government promote the expansion of stablecoin application scenarios, especially promote the connection between stablecoin issuers and actual scenarios in the Mainland, and accelerate the transformation of stablecoins from compliance supervision to commercial ecology;

2. How to use the formal implementation of the "Stablecoin Ordinance" to demonstrate to the international community the openness and flexibility of Hong Kong's stablecoin regulatory framework, and combine the institutional advantages under the "one country, two systems" to attract global stablecoin issuers and large financial institutions to settle in Hong Kong;

3. Whether Hong Kong considers promoting the development of offshore RMB stablecoins, including seeking central policy support to establish its position in the process of RMB internationalization.

In addition, Wu Jiezhuang also plans to ask a follow-up question and initiate a public vote on the X (formerly Twitter) platform to allow the industry to express their opinions. Voting options include: whether Hong Kong should include Bitcoin in its fiscal reserves, whether decentralized autonomous organizations (DAOs) need to establish a compliance framework, whether stablecoin issuers can pay interest to holders in the future, and other possible directions.

Wu Jiezhuang said that promoting the development of stablecoins is not only a technical or regulatory issue, but also related to Hong Kong's strategic role positioning in the new financial landscape, and he looks forward to more industry voices participating together.