Hong Kong Proceeds With Stablecoin Launch
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Hong Kong is set to issue its first stablecoin licenses in March, with a limited number of licenses due to concerns from Beijing. Legislation to regulate stablecoins will be introduced this summer. Despite China's crackdown on cryptocurrencies, Hong Kong aims to develop stablecoins to remain competitive with the U.S. market. The city aspires to be a global hub for cryptocurrencies, while Bitcoin is currently trading at $66,900.
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