PetroChina, Asia’s biggest oil and gas company, is looking into using stablecoins for international payments. This comes after Hong Kong recently updated its rules on stablecoins.
Stablecoins in the Spotlight
According to recent news, PetroChina’s CFO, Wang Hua, said they’re keeping a close eye on Hong Kong’s new Stablecoin Ordinance. This law, which started in August, lets companies get licenses to issue stablecoins pegged to real-world currencies like the Hong Kong dollar. The goal is to regulate the stablecoin market while encouraging growth. PetroChina plans to study how using stablecoins could improve their international payments.
Hong Kong’s Crypto Scene
Hong Kong’s government has been pretty open to crypto, with several companies already applying for licenses to issue stablecoins. However, they’ve also warned against excessive hype and speculation in the market. Meanwhile, mainland China has reportedly told companies to cool it with the stablecoin promotion and research, worried about potential fraud.
Eric Trump’s Take
Interestingly, Eric Trump recently praised China’s influence in the crypto world, calling it a “hell of a power” in the industry. He even suggested that the US and China have a better grasp of digital assets than anyone else.
The Bottom Line
PetroChina’s move shows growing interest in stablecoins for international payments. While there’s a lot of regulatory uncertainty, the company’s exploration highlights the potential of stablecoins to change how businesses handle money across borders.
