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Ant Group, JD.com pause Hong Kong stablecoin issuance: FT – TON BOT

Ant Group, JD.com pause Hong Kong stablecoin issuance: FT

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Chinese tech giants Ant Group and JD.com have put their plans to issue stablecoins in Hong Kong on hold following concerns raised by Beijing about privately controlled currencies. The People’s Bank of China expressed worries about allowing private companies to issue currencies, contrasting earlier enthusiasm for renminbi-based stablecoins as a response to U.S. dollar dominance. Former PBoC Governor Zhou Xiaochuan warned about the risks of stablecoins being used for speculation and instability. The Hong Kong Monetary Authority’s acceptance of stablecoin issuers in August established the territory as a testing ground for mainland experimentation.

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