Tag: Hong Kong

Major Chinese technology firms have suspended their stablecoin initiatives in Hong Kong after receiving directives from Beijing regulators. The move reflects broader concerns about private sector currency issuance and its potential impact on China’s digital currency strategy.

Regulatory Intervention Halts Stablecoin Plans

Chinese technology giants have reportedly paused their stablecoin issuance plans in Hong Kong following intervention from Beijing regulators, according to multiple sources familiar with the situation. Companies including Ant Group and JD.com had previously expressed interest in participating in Hong Kong’s pilot stablecoin program but have now put these ambitions on hold.