Hong Kong: A draft law being reviewed by Chinese legislators is expected to bolster the education of the basic laws of the Hong Kong and Macao special administrative regions, calling for popularizing the Constitution through various channels in a sustained and long-term manner.
This draft on promoting publicity and education on the rule of law was submitted on Tuesday to an ongoing session of the Standing Committee of the National People’s Congress, China’s top legislative body, for its second reading.
The draft underscores the necessity of intensifying education on the Constitution, the Basic Law of the Hong Kong Special Administrative Region, and the Basic Law of the Macao Special Administrative Region, to enhance the awareness among Hong Kong and Macao residents regarding the maintenance of the constitutional order of the special regions as stipulated in the Constitution and the basic laws. It also highlights the significance of upholding the spirit of the Constitution and promoting its implementation, adding that the country should strengthen the dissemination and education of this fundamental law through diverse means. In addition, it includes provisions on enhancing law education concerning national security, so as to help the public boost national security awareness.
Earlier, Hong Kong made history by enacting the world’s first dedicated legislation specifically governing fiat-referenced stablecoins — the Stablecoins Ordinance. With a commencement date of Aug 1, the new legislation represents a milestone in the global regulation of digital assets, positioning the city as a front-runner in shaping the future of digital finance.
As jurisdictions across the globe — from the United States and the European Union to emerging markets — race to stake their claim in the growing stablecoin arena, Hong Kong’s move is widely viewed as a strategic play to capture first-mover advantage in global competition.
Less discussed, but equally significant, is the broader strategic context behind Hong Kong’s push: the effort to elevate the global status of the Chinese renminbi in the digital era. By establishing a legal foundation for stablecoin issuance, the ordinance opens the door to new possibilities for the cross-border use of the digital yuan or e-CNY, while offering a valuable reference point for potential stablecoin adoption in other parts of China.
For readers unfamiliar with the concept, a stablecoin is a digital currency that is built on blockchain technology and pegged to fiat currencies or other real-world assets at a designated exchange rate to maintain a stable value. Fiat-referenced stablecoins are backed by government-issued fiat currencies. –The Daily Mail-China Daily news exchange item
