Hong Kong is considering issuing a stablecoin as a way for a smooth entry into Web3.
, now proposing to issue a CBDC in the form of a stablecoin backed by the government.
The option of developing e-HKD into a stablecoin has the potential to address the risks associated with virtual assets in Web3 effectively, Wu Jiezhuangin an interview with China Blockchain News on Jan. 5. According to the lawmaker, such a design of the Hong Kong digital dollar would help authorities gain investors’ trust in the Web3 industry and better protect users from issues like hacks.
The lawmaker also pointed out that the stablecoin could be connected to decentralized finance for better access in Web3 ecosystems, stating:
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