Chinese Tech Giants Halt Stablecoin Plans Amid Beijing's Concerns, Financial Times Reveals

Chinese tech giants, such as Ant Group and JD.com, have decided to halt their stablecoin projects in Hong Kong after receiving warnings from Chinese regulatory bodies. This move was made amidst worries about the proliferation of privately controlled digital currencies, as reported by the Financial Times (FT). According to the FT, these companies, including Ant Group backed by Alibaba and the e-commerce giant JD.com, have been instructed to pause their stablecoin initiatives by Chinese regulators. This action came following concerns raised by bodies like the People's Bank of China and the Cyberspace Administration of China. Following the decision by regulators,…