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Hong Kong Secretary for Financial Services and the Treasury, Xu Zhengyu: Hong Kong has a clear positioning on stablecoins and there is no opportunity for speculation.
According to Mars Finance News, Jin10 data reports that the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated that the positioning of stablecoins in Hong Kong is clear, as a means of payment, and another embodiment of fiat currency, with no speculative opportunities, urging the public to be cautious. He mentioned that the cost of payments through the banking system could reach 3%, while the cost of using stablecoins is expected to be as low as 1%, which could reduce cross-border payment costs and improve economic operational efficiency.