China Pumps the Brakes on Tech Firms’ Hong Kong Stablecoin Pilots
Reading Time: < 1 minute
Plans for Ant Group and JD.com to pilot stablecoins under Hong Kong’s new regulatory scheme have been put on hold after Beijing stepped in.
According to sources, Chinese regulators, including the PBOC, expressed fundamental concerns about private sector companies engaging in currency issuance. This directive effectively pauses the tech giants’ ambitions just as Hong Kong was rolling out its licensed stablecoin regime in May.
The move highlights the complex regulatory balancing act at play, with Hong Kong promoting financial innovation while mainland authorities maintain a cautious stance on monetary control.
Follow and like us on
