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Chinese Tech Giants Halt Hong Kong Stablecoin Plans Following Beijing’s Intervention

Chinese Tech Giants Halt Hong Kong Stablecoin Plans Following Beijing’s Intervention

Author:

Global Cryptocurrency

Published:

2025-10-20 12:03:02

19

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BTCCSquare news:

Major Chinese technology firms, including ANT Group and JD.com, have suspended their plans to issue stablecoins in Hong Kong. The decision comes after regulators in Beijing, particularly the People’s Bank of China and the Cyberspace Administration of China, advised against proceeding with the initiative. The companies had previously shown interest in Hong Kong's pilot stablecoin program, signaling a potential expansion into digital assets.

The move underscores Beijing's cautious stance toward cryptocurrency innovation, even as Hong Kong seeks to position itself as a hub for digital finance. The regulatory intervention highlights the ongoing tension between local ambitions and national oversight in China's evolving crypto landscape.

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