The Hong Kong General Chamber of Commerce has submitted proposals for the local government’s upcoming budget, suggesting policymakers allow the issuance of Chinese yuan-linked stablecoins. The HKGCC said in a statement on Tuesday that the business organization urges the government to consider allowing the issuance of yuan-linked stablecoins or stablecoins backed by a basket of various fiat currencies, including the yuan, Hong Kong dollar, or U.S. dollar. The organization also called on the government to explore the possibility of a “Virtual Asset Connect Scheme,” initially with a daily limit of around HK$20 billion ($2.5 billion). The HKGCC did not provide further details on the scheme in its proposal.
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