BlockBeats News, June 29th. On June 29th, the Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, published a blog post stating that financial technology has tremendous potential in cross-border trade applications. The goal is to address long-standing pain points in cross-border payments, such as slow speed and high costs, to better serve the real economy in the payment field. The recently released "Digital Asset Development Policy Declaration 2.0" has "Promoting Application Scenarios and Cross-Boundary Cooperation" as one of its four pillars. It mentions that stablecoins are an alternative solution outside the traditional financial system that provides cost efficiency and has the potential to revolutionize payment and capital market activities, including cross-border payments. The regulation of stablecoins will take effect on August 1st this year. The SAR government and financial regulatory authorities will strive to create a favorable market environment, supplemented by necessary regulatory measures, to promote the application of stablecoins in different scenarios by issuers, helping to address the substantial pain points in business operations and the daily lives of citizens. (Golden Finance)