Hong Kong Financial Secretary Paul Chan Mo-po: Stablecoins and other digital assets have development potential, and international collaboration should be used to manage risks.

On October 19th, Hong Kong Financial Secretary Paul Chan Mo-po published an essay titled "From New York to Washington," sharing his observations and reflections on his attendance at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.

He noted that representatives from participating economies generally recognized that the influence of digital assets is rapidly expanding globally and has become a significant trend in the financial sector that cannot be ignored.

Chan further stated that the blockchain technology underlying digital assets has demonstrated broad application potential in multiple real-world scenarios, particularly in promoting intraregional trade, improving cross-border payment and settlement efficiency, and resolving pain points in traditional cross-border transactions.

He noted that stablecoins, as a form of digital asset, exhibit considerable potential for improving payment certainty and reducing transaction costs, and are expected to play an even more important role in future international economic and trade exchanges.

In light of this trend, Chan emphasized that the international community should strengthen communication and collaboration, jointly promote the development and improvement of relevant regulatory frameworks, and prudently manage the potential risks that digital assets may pose to global financial stability. He pointed out that only under the premise of effective risk management can digital assets and blockchain technology better serve the real economy and help global economic and trade cooperation move to a higher level.