Ant group and jd.com have paused their stablecoin plans in hong kong after beijing stepped in, raising concerns. China orders ant group and jd.com to freeze stablecoin projects in hong kong as regulators reinforce state control over digital currency. Chinese regulators stopped ant group and jd.com from launching stablecoins in hong kong over concerns about private currency issuance.
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Chinese regulators ordered ant group and jd.com to halt hong kong stablecoin projects to protect state control over currency issuance. Chinese technology giants ant group and jd.com have suspended their plans to develop stablecoins in hong kong following direct intervention from mainland regulators.