Chinese Government Blocks Private Tech Giants’ Stablecoin Plans in Hong Kong

China has made a move to prevent the realization of private stablecoins in Hong Kong. The directive affects two major tech companies, Ant Group and JD.com, backed by Alibaba and prevalent in e-commerce respectively. This action follows cautionary guidance from the People’s Bank of China and the Cyberspace Administration of China, advising against private entities issuing currency-like assets. The development is detailed in a report from the Financial Times. For Beijing, this decision signifies an adjustment of Hong Kong’s role in the realm of digital assets, now reinforcing mainland China’s regulatory positions. The pivot steers away from fostering speculative trading…