Hong Kong Considers Yuan Stablecoin for Cross-Border Payments

Hong Kong Legislative Council Member Ronick Chan announced during the discussion of the "Stablecoin Regulation Bill" that Hong Kong is exploring the inclusion of the Chinese Yuan as a legal tender stablecoin. This move is seen as a significant step towards integrating virtual assets with traditional finance in the region.

As the regulatory framework for stablecoins becomes more defined, it will enhance the security of users in digital asset withdrawals, remittances, and cross-border payments. The inclusion of the Chinese Yuan in the stablecoin system is expected to provide a legal channel for cross-border capital flow between China and Hong Kong, thereby reducing foreign exchange barriers.

BiyaPay, a multi-asset trading wallet, supports the withdrawal and exchange of mainstream stablecoins such as USDT with 30 fiat currencies, including USD, HKD, and EUR. The platform 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 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 the region accelerates into the era of stablecoin compliance, BiyaPay aims to make asset circulation more free, transactions more secure, and withdrawals worry-free.