Hong Kong watchdog warns stablecoins could undermine HKD in CBDC paper
The Hong Kong Monetary Authority (HKMA) has warned that stablecoins could undermine the Hong Kong dollar in a just released discussion paper about its retail central bank digital currency, e-HKD.
Many in the crypto industry believe that interest in developing central bank-issued digital currencies has been in response to the rise of private-sector stablecoins. This discussion paper appears to confirm that view.
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