Beijing Intervenes, Halting Chinese Tech Giants’ Stablecoin Ambitions in Hong Kong

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Following direct instructions from Chinese regulators, tech leaders Ant Group and JD.com have suspended their plans to issue stablecoins in Hong Kong.

The Financial Times reports that the People’s Bank of China (PBOC) and the Cyberspace Administration of China advised the companies against participating in the city’s new licensing regime.

This intervention comes despite Hong Kong’s establishment of a clear regulatory framework in May, which both firms had previously agreed to join in a pilot program. The central concern from Beijing is understood to be a reluctance to allow private corporations to issue any form of currency.