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.
Bolivian President-elect Rodrigo Paz was sworn in as the country's new President on Saturday ending almost 20 years of one-party rule....
A tornado accompanied by strong winds and heavy rain struck the southern Brazilian state of Parana, killing six people, the state government said on S...
Peace talks between Afghanistan and Pakistan broke down, although a ceasefire continues between the South Asian neighbours, a Taliban spokesperson sai...
UPS and FedEx have grounded their fleets of McDonnell Douglas MD-11 cargo planes after a deadly crash at UPS's Worldport hub in Louisville, Kentucky, ...
Six people have died with one other injured, after a fire broke out in a perfume warehouse in the Dilovasi district of Türkiye on Saturday....
Bolivian President-elect Rodrigo Paz was sworn in as the country's new President on Saturday ending almost 20 years of one-party rule.
A tornado accompanied by strong winds and heavy rain struck the southern Brazilian state of Parana, killing six people, the state government said on Saturday.
Peace talks between Afghanistan and Pakistan broke down, although a ceasefire continues between the South Asian neighbours, a Taliban spokesperson said on Saturday.
UPS and FedEx have grounded their fleets of McDonnell Douglas MD-11 cargo planes after a deadly crash at UPS's Worldport hub in Louisville, Kentucky, which killed 14 people, including three pilots. The incident is under investigation by the U.S. National Transportation Safety Board (NTSB).
Kendrick Lamar and Lady Gaga lead the 2026 Grammy nominations, while K-Pop enters the Song of the Year category for the first time in the award’s history.
Israel launched airstrikes on southern Lebanon after ordering evacuations, accusing Hezbollah of rebuilding its forces despite a year-old ceasefire, as Lebanon and the United Nations warned of renewed border tensions.
U.S. Senate Republicans have blocked a resolution that would have barred President Donald Trump from launching military action against Venezuela without congressional approval, despite growing concern over recent U.S. strikes in the southern Caribbean.
Despite promises of recovery from the new government, Germany’s economy continues to stagnate, with no signs of renewed momentum. According to the latest report from the German Chamber of Industry and Commerce (DIHK), the country still lacks the drive needed for a genuine economic rebound.
Tesla CEO Elon Musk won shareholder approval on Thursday for the largest corporate pay package in history as investors endorsed his vision of morphing the electric vehicle (EV) maker into an artificial intelligence (AI) and robotics juggernaut.
Nobel Prize-winning scientist James Watson, who co-discovered the DNA double-helix structure, has died at 97, his former research lab confirmed.
As competition over artificial intelligence intensifies, U.S. tech leaders are warning that China’s rapid state-backed progress could soon outpace the West, raising concerns that America is losing its technological edge.
India has launched its heaviest-ever communications satellite, GSAT-7R, designed to boost the Indian Navy’s maritime operations and secure space-based communications.
Nvidia has announced a major partnership with the South Korean government and top companies to strengthen the country’s artificial intelligence capabilities by supplying hundreds of thousands of its advanced GPUs.
Character.AI will ban under-18s from chatting with its AI characters and introduce time limits, following lawsuits alleging the platform contributed to a teenager’s death.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment