Китай запретил разработку юань-стейблкоинов, опасаясь угрозы для цифрового юаня China Bans Development of Yuan-Stablecoins, Fearing Threat to Digital Yuan

Ant Group (a subsidiary of Alibaba) and JD.com have halted their development of yuan-pegged stablecoins. This news comes from the Financial Times, citing informed sources.

In anticipation of new stablecoin legislation in Hong Kong, these tech giants held closed-door meetings with the People’s Bank of China (PBoC) and the Cyberspace Administration of China. Ant Group and JD.com aimed to secure approvals for launching their assets.

However, regulators have issued clear directives against moving forward in this area. Sources for the publication indicated that the Chinese central bank is opposed to granting companies and brokers the authority to issue any form of currency.

The PBoC views private stablecoins as a threat to the digital yuan, which has yet to achieve widespread acceptance.

Regulatory measures for the sector took effect on August 1. The Hong Kong Monetary Authority has received over 70 applications from asset issuers linked to fiat currencies. Some officials stated that the issuance of yuan-backed stablecoins would aid in the internationalization of the Chinese currency.

One of Beijing’s objectives is also to counter the dominance of the U.S. dollar. According to SWIFT’s RMB Tracker, as of August, the yuan was the sixth most active currency in global payments, holding a share of 2.9%. In contrast, the U.S. dollar occupied nearly 47%.

However, following a speech by former PBoC governor Zhou Xiaochuan at the end of August, regulators have adopted a more cautious stance. At a closed forum in Beijing, Zhou remarked:

*»We must remain vigilant regarding the risks of using stablecoins for speculation, as this could trigger fraud and instability in the financial system.»*

In September, The Economist suggested the possible failure of yuan-backed stablecoins, citing limited offshore asset supply and strict capital control as contributing factors.