Beijing Pulls the Plug: Ant and JD Halt Hong Kong Stablecoins

China’s largest technology firms, including Ant Group and JD. COM, have reportedly suspended their stablecoin projects in Hong Kong after facing concerns from Beijing authorities regarding private digital currency issuance. This immediate regulatory intervention confirms the Chinese government’s unwavering commitment to state-controlled monetary sovereignty, placing tight constraints on the nation’s Web3 aspirations. Currency Sovereignty Trumps Hong Kong’s Web3 Ambition This move, first reported by Financial Times, is part of a larger, two-pronged strategy source: https://beincrypto.com/beijing-pulls-the-plug-ant-and-jd-halt-hong-kong-stablecoins/