Ah, comrades, gather ’round for a tale straight from the bowels of bureaucratic behemoth – China’s mighty tech titans, those digital sorcerers Alibaba’s Ant and JD.com, have gingerly tucked away their stablecoin spells after a stern tap on the shoulder from Beijing’s watchful eye! These private pixies were all set to conjure asset-backed tokens and bond potions in Hong Kong’s pilot playground, but hush! The mainland mandarins – the People’s Bank of China and that ever-looming Cyberspace Administration – whispered sweet nothings of caution.
In this grand theatre of financial folly, one might chuckle at the irony: private entities daring to mint currency? Oh, the hubris! “Who holds the cosmic coinage wand,” quipped an insider to the Financial Times, “the central bank’s sage or some market merrymaker?” As if digital yuan weren’t enough, pulling strings to outshine these upstart illusions! 😂
Beware the State’s Sorcerous Sovereign!
Regulators fret like anxious wizards, fearing these stable tokens might elbow their e-CNY project off the stage – a digital masterpiece for payments and oversight, lest anarchy ensues. Meanwhile, the world’s chorus echoes: Euro bosses whine about dollar-backed beasts undermining their magnum opus, and Hong Kong buzzes as a lab for currency capers, with yuan pegs teased as dollar dominators.
Global Giggles in the Crypto Cauldron
Former officials like Zhu Guangyao snicker, “America pushes stablecoins to keep the greenback throne!” urging China to counter with yuan magic. Yet, blow me down, ex-governor Zhou Xiaochuan bursts the bubble at a forum: “Stablecoins for speculation? Fraud and fiasco lurk!” He even doubts their utility, saying retail runes cost naught more to engrave. Oh, the sarcasm drips!
In the end, dear souls, Beijing decrees: innovate if you must, but the mint belongs to the state. 📜 No comments from PBoC, HKMA, or the firms – silence, as golden as gold-backed guilt. Who knew finance could be such a devilish dance?
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2025-10-19 19:26