The Stablecoin rules of Hong Kong will be launched in August and JD.com sets quietly in motion.
According to local media, JD Coinchain, the blockchain -arm of JD.com, has registered the names “Jcoin” and “Joycoin”, which it is believed to be the upcoming Stablecoins of the company, according to a report by Hong Kong Media Outlet, Ming Pao.
JD’s Stablecoin plans strive for Real-World payments
The upcoming “Jingdong Stablecoin” is 1: 1 linked to the Hong Kong dollar and published on a public blockchain with a mission to become one of the leading digital currencies for companies and individuals.
Based on available archives, JCOIN and Joycoin offer electronic money transfers and crypto transactions using blockchain technology.
JD Coinchain joins HKMA’s Sandbox for cross -border tests
JD Coinchain is an official participant in the Stablecoin Sandbox initiative of the Hong Kong Monetary Authority. In July last year, the company collaborated with Skystar Bank, a virtual bank, supported by Xiaomi and Futu, to investigate how stablecoins could be used for cross -border payments.
By June, the company already tested a Hong Kong Dollar Stablecoin together with other Fiat-Stunder Stablecoins. CEO Liu Peng said that the next phase will concentrate on usage cases, including cross -border payments, investment transactions and retail payments.
JD Coinchain’s Website has also warned users to look out for scams, because it has shared that the Stablecoin has not yet been spent.
HKMA’s Stablecoin Framework launches August 1
The Hong Kong Monetary Authority Is ready to roll out his Stablecoin Regulatory Framework this Friday on August 1. The guidelines relate to license requirements and include rules for anti-money laundering practices (AML) and financing for the fight against terrorism (CTF).
As part of the rollout, the Authority is launching a public register of licensed Stablecoin emission to promote transparency in the sector. So far, no licenses have been granted. The HKMA has also advised users to be careful with everyone who claims to have a permit or to apply for currently under the new framework.