Reported about 17 hours ago
China has halted the stablecoin initiatives of major tech companies, including Ant Group and JD.com, in Hong Kong. This directive, following guidance from the People's Bank of China and the Cyberspace Administration, underscores China's intent to reinforce its control over monetary policy and prevent private entities from issuing currency-like assets. This move reflects a shift in Hong Kong's role in digital assets, prioritizing compliance and innovation within state-defined boundaries.
Source: YAHOO