中国科技巨头在北京介入后暂停稳定币计划

Chinese tech giants pause stablecoin plans afterBeijing steps in 中国科技巨头在北京介⼊后暂停稳定币计划 Regulators raise concerns about the rise of privately controlledcurrencies 监管机构对私⼈控制的货币上升表示担忧 Chinese regulators including the People’s Bank of China have advised techgiants not to move ahead with issuing stablecoins©Costfoto/NurPhoto/Getty Images 包括中国⼈⺠银⾏在内的中国监管机构已建议科技巨头不要继续推进发⾏稳定币©Costfoto/NurPhoto/Getty Images Cheng Leng,Zijing WuandArjun Neil Alimin Hong Kong andRyan McMorrowin Beijing Published已发布7HOURS AGO Unlock the Editor’s Digest for free免费解锁编辑精选摘要 Roula Khalaf,Editor of the FT,selects her favourite storiesin this weekly newsletter. 《⾦融时报》编辑鲁拉·哈利夫精选本周最佳⽂章的新闻通讯。 Sign up注册 Enter your email address Chinese tech giants have paused plans to issuestablecoins in Hong Kong, after Beijing raised concernsabout the rise of currencies controlled by the privatesector. 在北京对私营部⻔控制的货币发展表示担忧后，中国科技巨头已暂停在⾹港发⾏稳定币的计划。 Companies including Alibaba-backed Ant Group andecommerce group JD.com had said over the summer theywould participate in Hong Kong’s pilot stablecoinprogramme or issue virtual asset-backed products, suchas tokenised bonds. 包括蚂蚁集团和京东在内的公司此前曾在今年夏季表示，将参与⾹港的稳定币试点项⽬或发⾏基于虚拟资产的产品，如代币化债券。 But they have since put their stablecoin ambitions onhold after receiving instructions from Chinese regulators,including the People’s Bank of China (PBoC) andCyberspace Administration of China (CAC), not to moveahead, according to multiple people familiar with thesituation. 但在收到中国监管机构（包括中国⼈⺠银⾏和国家互联⽹信息办公室）的指示后，他们已经暂缓了稳定币计划，不得继续推进，这是多位知情⼈⼠透露的情况。 PBoC officials advised against participating in the initialstablecoin rollout over concerns about allowing techgroups and brokerages to issue any type of currency, fivepeople said. 五位知情⼈⼠表示，⼈⺠银⾏官员建议不要参与初始稳定币推出，因为担⼼允许科技集团和券商发⾏任何类型的货币。 One person with knowledge of the central bank’sbriefings to the tech groups said the issuance of privatelyrun stablecoins was also seen as a challenge to the PBoC’sdigital currency project, the e-CNY. ⼀位了解央⾏对科技集团简报内容的⼈⼠称，私营稳定币的发⾏被视为对⼈⺠银⾏数字货币项⽬e-CNY的挑战。 “The real regulatory concern is, who has the ultimateright of coinage — the central bank or any privatecompanies on the market?” said a different person. "真正的监管担忧是，铸币权的最终归属究竟是在中央银⾏还是市场上的任何私营公司？"另⼀位知情⼈⼠如此表示。 Stablecoinsare digital tokens pegged to fiat currenciessuch as the US dollar and are a cornerstone of cryptotrading. 稳定币是与美元等法定货币挂钩的数字代币，是加密货币交易的基础。 The pushback from Chinese authorities underscores howregulators around the world are keen to respond to therise of stablecoins, particularly after the Trumpadministration championed them as a pillar ofmainstream finance and a vehicle to project the USdollar’s dominance. 中国监管机构的阻挠凸显了全球监管者对稳定币的谨慎态度，尤其是在特朗普政府曾将稳定币视为主流⾦融的⽀柱并作为美元主导地位的⼯具之后。 The European Central Bank has said widespreadadoption of dollar stablecoins could hinder its ability tocontrol monetary policy. 欧洲央⾏表示，美元稳定币的⼴泛采⽤可能会阻碍其控制货币政策的能⼒。 The Hong Kong Monetary Authority, the territory’s defacto central bank, in August started acceptingapplications for stablecoin issuers, establishing itself as atesting ground for the mainland. ⾹港⾦融管理局作为事实上的中央银⾏，于8⽉开始接受稳定币发⾏者的申请，并将⾃身定位为内地的测试场。 In China, interest in the Hong Kong programme swelledover the summer, with some officials suggesting thatrenminbi-denominated stablecoins would potentiallyboost the yuan’s international use. 在中国，今年夏季对⾹港项⽬的兴趣激增，⼀些官员暗示以⼈⺠币计价的稳定币可能会提升⼈⺠币的国际使⽤。 Zhu Guangyao, former vice-minister of finance in China,argued in June that “the strategic purpose behind the USpromotion of stablecoins is to preserve dollar supremacy”and it is crucial for China to respond to that financialchallenge with the development of a stablecoin pegged torenminbi. 中国前财政部副部⻓朱光耀在6⽉份论证称，"美国推⼴稳定币的战略⽬的是维护美元霸权"，中国必须通过开发与⼈⺠币挂钩的稳定币来应对这⼀⾦融挑战。 “We should fully leverage the pilot programmes in HongKong,” Zhu said at a forum in Beijing in June. “Therenminbi stablecoin must be integrated into the overalldesign of the national financial strategy.” "我们应充分利⽤⾹港的试点项⽬，"朱光耀在6⽉份的北京论坛上表示。"⼈⺠币稳定币必须融⼊国家⾦融战略的整体设计。" But two people with knowledge of the tech groups’ planssaid financial regulators were taking a more cautiousapproach following a speech by former PBoC governorZhou Xiaochuan in late August. 但知情⼈⼠透露，⾦融监管机构在8⽉底前中国⼈⺠银⾏前⾏⻓周⼩川发表讲话后，对科技集团的计划采取了更为谨慎的态度。 At a closed doorfinancial forumin Beijing in July, Zhouurged a thorough evaluation of stablecoins and potentialsystemic risks they posed. 周在7⽉份于北京的⼀个闭⻔⾦融论坛上，敦促对稳定币及其可能带来的系统性⻛险进⾏彻底评估。 “We need to be vigilant against the risk of stablecoinsbeing excessively used for asset speculation, asmisdirection could trigger fraud and instability in thefinancial system,” Zhou said at the China Finance 40Forum, according to an article later published by thestate-backed think-tank. "我们必须警惕稳定币被过度⽤于资产投机，因为误导可能引发⾦融系统的欺诈和不稳定，"周在中国⾦融40⼈论坛上表示，这是根据该国家⽀持的智库后来发表的⽂章。 Zhou urged a “careful assessment of the true demand oftokenisation as a technological foundation”. 周敦促对"代币化的真实需求作为技术基础进⾏仔细评估"。 He added: “Although many believe stablecoins willre