The Hong Kong Legislative Council has published a special bulletin that details the latest developments regarding stablecoins in the region, including renminbi-backed stablecoins.

On Oct. 13, the legislative council released a document called the “special report” which consists of major government policy initiatives and hot social issues, and provide the latest developments and data. This month’s edition focuses on the latest developments in fintech and digital asset.

“This special report provides an overview of how the nation has, in recent years, leveraged technology for innovation and application in areas such as digital assets, green and sustainable finance, and cross-border finance, as well as a summary of related discussions in the Legislative Council,” wrote the council in a translated foreword.

The council notes that the world is currently undergoing a shift in financial systems driven by technology, specifically cryptocurrency, stablecoins and other web3 elements. At the moment, the government is actively pushing for innovation in the field of financial technology to strengthen its position as an international financial hub.

The document seems to suggest that Hong Kong is seeking support from the central government to explore the development of offshore Renminbi-backed stablecoins. This is the first time since August that the government has openly expressed interest in facilitating the issuance of stablecoins pegged to the Chinese official currency.

By issuing RMB-backed stablecoins, Hong Kong could strengthen its position as a a global hub for digital assets and web3 innovation by promoting cross-border t

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Author: Trisha Husada