Key Takeaways
- Alibaba’s Ant Group and JD.com have stopped their stablecoin projects due to instructions from Beijing.
- These projects focused on yuan-based digital assets developed by major technology firms in China.
Chinese tech giants, including Alibaba’s Ant Group and JD.com, have halted their stablecoin development projects following direct intervention from Beijing, according to the Financial Times.
The suspension affects yuan-based digital asset initiatives that major Chinese technology firms had been developing amid ongoing regulatory scrutiny from the central government.
Beijing recently directed brokerages and think tanks to cease promoting stablecoins, reflecting growing concern over private sector involvement in digital currency issuance and the government’s desire to maintain control over monetary innovation.
The intervention aligns with broader Chinese efforts to counter foreign digital currency dominance while prioritizing state oversight of the domestic financial system.
Source: https://cryptobriefing.com/chinese-tech-giants-halt-stablecoin-projects-beijing-intervenes/
