🇨🇳 The Chinese authorities have slowed down the crypto initiatives of technogiants.

✦ Ant Group (Alibaba) and JD.com suspended the launch of stablecoins in Hong Kong after instructions from Chinese regulators.

✦ Supervisors, including the People’s Bank of China, have warned that private currencies undermine the state’s monopoly on money emission and can compete with the digital yuan (e-CNY).

✦ This cooled Hong Kong’s ambitions to become a test site for yuan stablecoins, which were supposed to promote the internationalization of RMB.

✦ Former head of the Central Bank of China Zhou Xiaochuan previously called for «be careful» and reminded that stablecoins easily turn into a tool of speculation.

✦ While the United States and Hong Kong are betting on tokenization and stablecoins, China clearly chooses a different path - full control and development of the digital yuan instead of decentralized money.

@Сryptoz ₿