Chinese tech giants pause stablecoin plans after Beijing steps in, FT reports

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Chinese tech giants, including Alibaba-backed Ant Group and ecommerce group JD.com , have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday.

Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, FT reported, citing people familiar with the matter.

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Chinese tech giants pause stablecoin plans after Beijing steps in, FT reports



Chinese tech giants, including Alibaba-backed Ant Group and ecommerce group JD.com , have paused plans to issue stablecoins in Hong Kong after the government raised concerns about the rise of currencies controlled by the private sector, the Financial Times reported on Saturday.

Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, FT reported, citing people familiar with the matter.

Hong…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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