October has been a difficult month for global crypto adoption. On October 11, the market suffered its biggest single-day crash of the year, wiping out roughly $20 billion in value as Bitcoin tumbled more than 14 percent to around $104,800.
Days later, the situation worsened when Beijing stepped in to halt private-sector stablecoin initiatives, per Financial Times.
Several Chinese Tech Giants, including Alibaba-backed Ant Group and JD.com, had planned to issue stablecoins via Hong Kong’s pilot programme this summer. But following guidance from the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC), the firms agreed to put their plans on hold.
Beijing’s move reflects a precautionary regulatory stance rather than a broad anti-crypto campaign.
“The real regulatory concern is, who has the ultimate right of coinage — the central bank or any private companies on the market?” a source familiar with the issue told the Financial Times.
The decision appears aimed at maintaining monetary stability and regulatory oversight while China continues developing its own central bank digital currency, the digital yuan.
