Chinese authorities told local companies to stop publishing research or handling seminars related to Stablecoins, according to a Friday report from Bloomberg.
Chinese financial regulators Reported Local brokers and other creatures have been ordered to cancel seminars and stop developing research in Stablecoins. Noted by people who are familiar with the matter, Bloomberg said authorities are concerned that Stablecoins can take advantage of as a tool for fraudulent activities.
Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp. In Singapore, Beijing said it could aim to avoid an imaginary advances in investors.
“There is still a concern that everyone does not know enough about cryptos and policy manufacturers, being pragmatic, does not want to think of the flock when investors buy on something they do not know what the risks are” he said.
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China holds his financial ecosystem
Moving follows a series of regulatory steps aimed at strict control over digital assets, including policies that require country banks Track and flag the risk trading involving crypto assets. Activities that monitor cross-border gambling, underground banks and illegal cross-border financial activities involving crypto.
However, as China imposes strict policies on the mainland territory, it appears that the stablecoins of the stablecoins in which it suits its goals. Hong Kong is often viewed as China’s sandbox regulation, and recently implemented it New framework of stablecoin issuance with a Six months of transition period accompanied by special policies.
Hong Kong’s Subsidiary Major Bank Standard Chartered will cooperate with Web3 Software Company Animoca Brands to produce a Hong Kong-collable Stablecoin by a joint adventure announced on Friday. Standard chartered involvement is particularly noticeable. The bank is one of three creatures – next to the HSBC and Bank of China (Hong Kong) – authorized to issue Hong Kong’s physical dollar under the supervision of the Hong Kong Monetary Authority.
Also, in late July, the e-commerce behemoth jd.com Registered entities tied to a potential stablecoin rollout In Hong Kong. In the same month, the ant international, a unit based in Singapore by Jack MA-back ant group, which has been reportedly planned at Apply for Stablecoin Issuer licenses in Singapore and Hong Kong. Jingdong Coinlink Technology Hong Kong, a JD Technology Group subsidiary, also Announced plans to issue a Hong Kong dollar stablecoin In the day -to -day 2024.
Related: Hong Kong Stablecoin Stocks Slide As new policies occur, experts see healthy resetting
Yuan Stablecoins is allowed, but not in China
There are also examples based on Yuan, but the expected to be used exclusively outside the Mainland China boundaries.
According to reports since late July, the Chinese Blockchain Conflux announced a third version of its public network and Introduced a new stablecoin supported by offshore Chinese Yuan. That news followed the anchorx acceptance The in-principle approval for the Yuan-Pegged Stablecoin, AXCNH, from the Kazakhstan regulator, the Astana Financial Services Authority, in late February.
While this Stablecoin is based on the Fiat Currency of the mainland China, it aims to serve only far from the coast Chinese creatures and countries involved in China’s belt and road initiative. The Belt and Road Initiative is a global global infrastructure and economic approach aimed at connecting Asia, Africa and Europe through land and maritime trade routes.
Despite its domestic restrictions, China appears to be choosing to enabilize the global expansion of the influence of its digital currency, not just within its own boundaries.
Magazine: China is joking with US crypto policies, new dark telegram markets: Asia Express
