Chinese tech giants Ant Group and JD.com have suspended plans to launch stablecoins in Hong Kong after regulators raised concerns about privately-issued digital currencies. The People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) instructed both companies to halt their initiatives, citing a need to clarify control over monetary policy. Experts believe this move reflects Beijing’s desire for complete control over digital currency issuance within its jurisdiction. Both firms were exploring stablecoin ventures in Hong Kong’s pilot program and issuing tokenized financial products. This pause underscores China’s reluctance towards private-issued digital currencies, even in semi-autonomous Hong Kong.