China Tightens Control Over Digital Money with Stablecoin Halt

China has taken a firm stance on digital finance once again. Tech giants Ant Group and JD.com have paused their stablecoin projects in Hong Kong following directives from Beijing. The move reinforces the government’s message that monetary control remains solely within its purview. Sources within the People’s Bank of China (PBoC) and the Cyberspace Administration reportedly issued this order, solidifying the belief that only the state should oversee financial issuance.