Chinese tech giants halt Hong Kong stablecoin plans amid Beijing concerns: FT

Ant Group and JD.com have paused their stablecoin initiatives in Hong Kong after Beijing regulators raised concerns over private firms issuing digital currencies.

Chinese technology giants, including Ant Group and JD.com, have reportedly suspended plans to issue stablecoins in Hong Kong after regulators in Beijing voiced concerns over privately controlled digital currencies.

The companies were instructed by the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) to pause these initiatives, the Financial Times reported on Sunday, citing sources familiar with the matter.

“The real regulatory concern is, who has the ultimate right of coinage — the central bank or any private companies on the market?” one source familiar with the discussions told the FT.

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