Following the recent regulatory developments in Hong Kong, Asia’s largest oil and gas producer, PetroChina, is reportedly evaluating the adoption of stablecoins for cross-border payments.
According to the reports, Wang Hua, Chief Financial Officer (CFO) and Board Secretary of PetroChina, disclosed during the half-year meeting that the company is closely monitoring the latest developments regarding the Hong Kong Monetary Authority’s (HKMA) Stablecoin Ordinance.
The ordinance, enacted on August 1, aims to reinforce regulatory oversight on the digital assets industry, while fostering innovation and “responsible, sustainable” development. Under the new framework, licensed entities are allowed to offer FRS in Hong Kong. Meanwhile, retail investors can access the tokens issued only by these qualified institutions.
Hong Kong’s Financial Secretary, Paul Chan Mo-po, previously noted that stablecoins, “particularly when it is referenced to fiat currencies, (have) many use case scenarios,” including cross-border payments to enhance efficiency and reduce costs.
As the report noted, Wang Hua didn’t disclose a specific timeline, only stating that the company would “closely monitor policy developments and build technical capabilities.” This could suggest that PetroChina’s stablecoin exploration remains in the research phase.
It’s worth noting that the HKMA established a six-month transition period and encouraged interested institutions to submit applications before September 30. Hong Kong’s Financial Secretary has stated that regulators received several applications from entities seeking to become qualified issuers.
Previous reports revealed that multiple companies have applied for the HKMA license ahead of the ordinance enactment, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.
Similarly, Chinese regulators have allegedly instructed firms to halt promotions and research publications related to stablecoins amid concerns that the growing interest in the sector could enable the digital asset to be exploited as a new tool for fraudulent activities.
“There’s no question that China is a hell of a power when it comes to this world,” Trump said, stating that he would love for President Trump and his Chinese counterpart, Xi Jinping, to talk about Bitcoin.
