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Chinese technology giants, including ant group and jd.com, have reportedly suspended plans to issue stablecoins in hong kong after regulators in beijing voiced concerns over privately controlled. The chinese government has stepped in to slow plans for several tech giants to issue stablecoins in hong kong, according to a recent report from the financial times, citing sources familiar with the situation 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 technology groups including ant group and jd.com have paused plans to issue stablecoins in hong kong after regulators in beijing, notably the people’s bank of china and the cyberspace. Chinese tech giants have shelved their plans to launch stablecoins in hong kong after beijing raised red flags over the growing influence of privately controlled digital currencies