Hong Kong Financial Secretary Paul Chan Mo-po emphasized the importance of a cautious approach to cryptocurrencies and gold-backed stablecoins during a recent program appearance. Chan acknowledged virtual currencies as a component of financial innovation that Hong Kong should embrace. However, he highlighted concerns about blockchain's confidentiality potentially undermining investor protection, anti-money laundering efforts, and financial stability. Chan stated that while the government is open to developing stablecoins, including those pegged to gold, such initiatives must be approached gradually and with caution. He stressed the need for a robust regulatory framework and enhanced public education to ensure investor safety and market integrity.
Hong Kong's Paul Chan Advocates Cautious Approach to Gold-Backed Stablecoins
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