CandleFocus Layer 1 Flare and Red Date Technology Set to Trial Stablecoin Buying for Chinese Nationals in Hong Kong
2024-11-08
Author: Content Editor
Blockchain company Flare and decentralized cloud infrastructure company Red Date Technology have announced two trials that will allow mainland Chinese residents to access tokenized financial services in Hong Kong. The trials will utilize the China Real-Name Decentralized Identifier System (RealDID) for anonymous registration. The first trial will enable anonymous registration on a regulated stablecoin app, while the second trial will facilitate the purchase of tokenized financial products using stablecoins. This initiative is seen as a potential first step in aligning with China's long-term approach to integrating blockchain technology. Despite China's strict stance on cryptocurrencies, the country has been investing heavily in blockchain technology, particularly for B2B and corporate use cases.
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