Co-chair of the Hong Kong Blockchain Association: Hong Kong dollar stablecoins should be issued by private institutions under the supervision of the Hong Kong government.

BlockBeats news, on July 7th, Fang Hongjin, co-chairman of the Hong Kong Blockchain Association, expressed different views on the Hong Kong dollar stablecoin. In his article, he disagreed with the suggestion of using foreign exchange reserves as collateral to issue Hong Kong dollar stablecoins outside of the Hong Kong government. He believes that it is illogical for the Hong Kong government to use its own fiat currency as collateral and then issue a derivative substitute, which will inevitably cause confusion in practice. Fang Hongjin stated that issuing a Hong Kong dollar stablecoin is meaningful, but it should not be issued by the Hong Kong government. Instead, private institutions should issue it in compliance with the supervision of the Hong Kong government.