Gate News Report, March 25 — Hong Kong Financial Secretary Paul Chan responded to the development of Hong Kong stablecoins and digital renminbi. He stated that the number and usage of digital renminbi wallets opened via Hong Kong mobile numbers have been steadily increasing, with approximately 80,000 wallets registered by the end of January. The People’s Bank of China and the Hong Kong Monetary Authority are exploring arrangements and feasibility for upgrading digital currency wallets to increase usage limits, expand application scenarios, and improve user experience. Paul Chan pointed out that stablecoins, central bank digital currencies (such as digital renminbi), and other new payment tools—including tokenized deposits and fast payment system cross-border connections—have the potential to be applied in various scenarios such as transaction settlement, local or cross-border payments, provided they comply with relevant laws and regulatory requirements.
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