Hong Kong Legislative Council member Ng Kit-chung has proposed the issuance of nighttime consumption vouchers using stablecoins to accelerate the adoption of Web3 applications in the region. This suggestion follows the Hong Kong Chief Executive's announcement of the upcoming issuance of stablecoin issuer licenses in March. Ng Kit-chung believes that integrating stablecoins with public finance policies could offer multiple benefits, including enabling citizens to experience digital payments, facilitating the opening of e-wallets, reducing administrative costs, and enhancing public awareness of digital assets to mitigate fraud.
The proposal aims to popularize stablecoins by allowing citizens to use them directly for spending, thereby familiarizing them with digital assets. Additionally, compliant stablecoin issuers would share in the promotion expenses, potentially lowering administrative costs. In the long term, this initiative is expected to improve public understanding of digital assets and reduce fraud cases, supporting the broader development of the Web3 industry in Hong Kong.
Hong Kong Lawmaker Proposes Stablecoin Vouchers to Boost Web3 Adoption
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