Beijing Halts Tech Giants’ Stablecoin Ambitions in Hong Kong
China's tech giants ANT Group and JD.com abruptly paused plans to launch stablecoins in Hong Kong after Beijing intervened. The People's Bank of China made clear it wouldn't tolerate private digital currency issuance, even offshore, reaffirming its monopoly over monetary creation.
The crackdown came just as Hong Kong was positioning itself as a digital finance hub. Regulators summoned executives to deliver the message directly, crushing hopes that local licensing implied mainland approval. This clash highlights the tension between tech innovation and China's strict control over financial sovereignty.
Beijing's own digital yuan project appears to be the only sanctioned path forward. Private stablecoins were seen as potential competitors to the e-CNY system, particularly if they gained traction through Hong Kong's global financial connections.
