China’s leading tech giants JD.com and ANT Group are actively lobbying Chinese regulators as part of their push to counter the growing digital domination of the US dollar.
The companies have urged the People’s Bank of China to approve the issuance of stubcoins based on Hong Kong’s offshore novice, a source familiar with the matter told Reuters.
In a personal talk with POBC, JD.com stressed that the original original stubcoin is urgently needed to advance the original internationalization, the source explained. The same view is expressed by others.
Wang Yongli, co-chair of the Digital China Information Services Group and former deputy director of the Bank of China, said:
“China cannot avoid taking action,” said Xiao Feng, chairman of Crypto Exchange Operator Hashkey, who rely on the dollar’s ridiculousness as many Chinese exporters “have more foreign merchants pay in USDT.”
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Both lobbyists have previously announced plans to issue stubcoins backed by Hong Kong dollars, taking advantage of the new set of laws that will come into effect on August 1.
Ant Group is preparing to apply for Stablecoin licenses in Hong Kong, Singapore and Luxembourg. The move is part of the company’s broader strategy to expand its blockchain-driven cross-border payments network.
JD.com recently revealed plans to launch Hong Kong dollar-backed Stablecoin by the end of this year. This aimed to accelerate trading speeds and reduce costs for international trade participants, and investigated the support of Stablecoins supported by other FIATs in response to regulatory approval.
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