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.
Former U.S. President Bill Clinton said on Friday (27 February) that he had no knowledge of the crimes committed by Jeffrey Epstein and would not have...
Some of Iran's most highly enriched uranium, close to weapons grade, was stored in an underground area of its nuclear site in Isfahan, the UN nuclear ...
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacu...
Afghan and Pakistani forces traded airstrikes and artillery fire along the Durand Line on Thursday night, killing dozens on both sides, as Pakistan’...
South Korea will soon cease to be one of the few countries where Google Maps does not function fully, after its security-conscious government reversed...
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Speaking during a closed-door deposition in New York on Thursday (February), former U.S. Secretary of State Hillary Clinton said she did not “recall” ever meeting the late sex offender Jeffrey Epstein and had “no knowledge of his crimes”.
Pakistan’s declaration of an “open war” with Afghanistan must be understood in the context of months of escalating violence, regional analysts have said, describing the latest developments as a significant shift in the nature of the conflict.
Iran’s Foreign Minister Abbas Araghchi on Friday urged Afghanistan and Pakistan to resolve their differences through dialogue, offering Tehran’s assistance to facilitate understanding between its eastern neighbours.
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
The death toll from heavy rains and flooding in Brazil’s Minas Gerais state has risen to 46, authorities said, with 21 people still reported missing. The storms triggered landslides and widespread flooding, displacing thousands across Juiz de Fora and Uba.
The situation in Cuba was heating up and called for restraint following a deadly incident involving a Florida-registered speedboat off the coast of the Caribbean island, the Kremlin said on Thursday (26 February).
Syria’s economy is showing clear signs of recovery, with economic activity accelerating in recent months, the International Monetary Fund (IMF) said on Wednesday.
Pakistani air strikes hit a weapons depot on the western outskirts of Kabul overnight, triggering hours of secondary explosions that rattled homes across the Afghan capital and left residents fearing further violence.
South Korea will soon cease to be one of the few countries where Google Maps does not function fully, after its security-conscious government reversed a two-decade-old policy and approved the export of high-precision map data to overseas servers.
New research suggests 40,000-year-old carved objects from south-western Germany bear repeated marks arranged in organised sign sequences similar to early proto-cuneiform, although they are not regarded as a form of writing.
The chief executive of Google DeepMind, Demis Hassabis, has called for more urgent research into the risks posed by artificial intelligence, warning that stronger safeguards are needed as systems become more advanced.
NASA successfully completed a critical fueling rehearsal on Thursday (19 February) for its giant moon rocket, Artemis II, after earlier hydrogen leaks disrupted preparations for the next crewed lunar mission. The launch is scheduled for 6 March, according to the latest information from NASA.
ByteDance will take steps to prevent the unauthorised use of intellectual property on its artificial intelligence (AI) video generator Seedance 2.0, the Chinese technology firm said on Monday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment