BiyaPay Analyst: Hong Kong to Consider Including RMB in its Legal Tender Stablecoin System, Accelerating the Formation of a Multi-Currency Ecosystem

Blockbeats
05-21

BlockBeats News, May 21st, Hong Kong Legislative Council Member Ronick Chan stated during the deliberation of the "Stablecoin Regulation Bill" that apart from promoting the Hong Kong dollar and USD-pegged stablecoins, Hong Kong is actively studying the inclusion of the Chinese Yuan as a legal tender stablecoin. This policy direction is seen as a significant signal of Hong Kong's promotion of deep integration between virtual assets and traditional finance.As the regulatory framework for stablecoins gradually becomes clear, it will significantly enhance the security of users in digital asset withdrawals, remittances, and cross-border payments. Particularly, if the Chinese Yuan is included in the stablecoin system, it will provide a legal channel for cross-border capital flow between China and Hong Kong, reducing foreign exchange barriers.BiyaPay, as the world's first multi-asset trading wallet, not only supports the withdrawal and exchange of mainstream stablecoins such as USDT with 30 fiat currencies (including USD, HKD, EUR) but also covers spot and contract trading of US stocks, Hong Kong stocks, and mainstream cryptocurrencies. Users can complete the entire process of "Fiat Deposit → Multi-Asset Trading → Secure Withdrawal" on one platform.Whether participating in the investment of US stocks such as Apple, Tesla, or trading cryptocurrencies such as BTC, ETH, BiyaPay provides you with an efficient, low-fee, zero-threshold comprehensive trading experience. Additionally, the platform supports global remittance services, allowing funds to be directly transferred to overseas bank accounts.As we accelerate into the era of stablecoin compliance, choose BiyaPay to make asset circulation more free, transactions more secure, and withdrawals worry-free.

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