Paul Chan: Digital assets’ influence grows, urgent need for global cooperation to manage risks

Financial Secretary Paul Chan of Hong Kong emphasizes that digital assets are gaining increased influence in the global economy. Discussions at the IMF and World Bank meetings highlighted the significant role of blockchain technology.

Chan pointed out that stablecoins, in particular, show substantial potential to enhance regional trade and improve efficiencies in cross-border settlements.

He called for urgent strengthening of international cooperation to address the financial risks linked with the rise of digital assets, ensuring the stability of the financial system.