"Many countries want to create a CBDC, but Malaysia is not ready yet."
Following a new design, Hong Kong authorities intend to launch a central bank digital currency (CBDC) in the form of a government-backed stablecoin.
According to Wu Jiezhuang, a member of the Legislative Council of the Hong Kong Special Administrative Region, he is confident that the conversion of Hong Kong's digital dollar (e-HKD) to stablecoins will create many benefits for the use of new technologies such as Web3.
He added that e-HKD can help the authorities gain the trust of investors and protect users from any hacking or fraud.
It would also like to be informed that the stablecoin has been issued by several private companies and is not subject to government supervision following the failure of several stablecoin projects in 2022.
Meanwhile, e-HKD is likely to be connected to decentralized finance (DeFi) to gain better access in the Web3 ecosystem.
In general, Wu Jiezhuang who is also the co-founder of G-Rocket also aims to attract 1,000 Web3 businesses globally to set up shop in Hong Kong in the next three years.
