Beijing Halts Tech Giants' Stablecoin Plans in Hong Kong
China has instructed Alibaba-backed Ant Group and JD.com to suspend their stablecoin development plans in Hong Kong. The move signals Beijing's intent to reaffirm state authority over monetary policy and prevent private entities from issuing currency-like assets.
This directive aligns Hong Kong's digital asset landscape with mainland China's stringent regulatory priorities, emphasizing disciplined, cross-border compliance over speculative hype. Concerns were raised that private stablecoins could interfere with the supervision of capital and overlap with the e-CNY, China's central bank digital currency.
The decision underscores Beijing's cautious approach to privately managed blockchain projects and its commitment to maintaining a controlled environment for digital asset innovation that serves state objectives.


Cryptovka
Beijing Halts Tech Giants
China has taken a decisive step to curb private stablecoin ambitions in Hong Kong, signaling a clear intent to reaffirm its state authority over mo...








