Chinese tech giants, including Alibaba-backed Ant Group (688688.SS) and e-commerce company JD.com have halted plans to issue stablecoins in Hong Kong after the government raised concerns about the increasing influence of privately controlled currencies, the Financial Times reported on Saturday.
The companies put their stablecoin initiatives on hold after receiving instructions from Chinese regulators, including the People’s Bank of China (PBOC) and the Cyberspace Administration of China (CAC), to delay their plans, according to sources cited by the FT.
In May, Hong Kong's legislature passed a stablecoin bill that established a licensing framework for issuers of fiat-backed stablecoins, providing regulatory clarity for future participants. Under this new framework, anyone wishing to issue stablecoins in Hong Kong—or those issuing stablecoins backed by Hong Kong dollars, whether inside or outside the city—must obtain a licence from the Hong Kong Monetary Authority (HKMA).
Ant Group had announced in June its intention to participate in the pilot stablecoin programme, and JD.com had also expressed interest in joining, according to the FT.
PBOC officials reportedly advised against joining the initial rollout of stablecoins due to concerns about permitting tech companies and brokerages to issue any form of currency, the FT added.
Reuters was unable to immediately verify the report. Ant Group, JD.com, the PBOC, and the CAC did not respond to requests for comment. A spokesperson for the HKMA told Reuters on Sunday via email that the authority does not comment on market rumours.
Stablecoins, a type of cryptocurrency designed to maintain a stable value, usually pegged to a fiat currency such as the US dollar, are commonly used by crypto traders to transfer funds between different tokens.
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The United Nations has said that at least 21 people have been executed in Iran and more than 4,000 arrested since the outbreak of war involving the United States and Israel on 28 February.
President Donald Trump discussed how to mitigate the impact of a possible months-long U.S. blockade of Iran's ports with oil companies, a White House official said on Wednesday, as the U.S. renewed its calls for other nations to help open the Strait of Hormuz.
A Pentagon official provided the first official estimate of the cost of the U.S. war in Iran on Wednesday (29 April), telling lawmakers that $25 billion had so far been spent on the conflict, most of it on munitions. Earlier, Donald Trump said that the U.S. had "militarily defeated" Tehran.
Tensions between the United States and Iran remain high after a U.S. official said President Donald Trump was unhappy with a proposal from Tehran that does not deal with its nuclear programme. Washington is insisting that any talks must address Iran’s nuclear activities.
The decision by the United Arab Emirates to leave OPEC+ on 1 May has put renewed focus on one of the most influential groups in global energy - and how its decisions can shape oil prices worldwide.
Mexican special forces arrested Audias Flores, known as “El Jardinero”, a senior commander of the powerful Jalisco New Generation Cartel (CJNG), during an operation in the western state of Nayarit, Security Minister Omar García Harfuch said on Monday (27 April).
The United Arab Emirates has said it's quitting OPEC from 1 May, dealing a major blow to the oil producers’ group and its de facto leader, Saudi Arabia, amid disruption caused by the Iran war.
Elon Musk took the stand on Tuesday (28 April) at a high-stakes trial over the future of OpenAI, casting his lawsuit against the ChatGPT maker as a defence of charitable giving.
A pivotal trial that could shape the governance of artificial intelligence begins Tuesday in California, as Elon Musk and Sam Altman face off over OpenAI’s shift to a for-profit model.
Alphabet Inc’s Google has deepened its operational relationship with the United States Department of Defense (DoD), quietly signing a wide-ranging agreement to deploy artificial intelligence models in highly classified environments.
Market reaction to DeepSeek’s preview of its next-generation artificial intelligence model has been relatively subdued, in sharp contrast to the global shock triggered by its breakthrough releases last year.
Meta, which owns Facebook and Instagram, said it's installing software on its employees computers to capture keystrokes and mouse movements to use to train its artificial intelligence (AI) agent models.
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