JDcom Announces Plans to Issue Hong Kong Dollar

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Stablecoin in Major MoveJDcom a Chinese e-commerce company has revealed that it is set to issue a stablecoin which will be tied to the Hong Kong Dollar. This project, disclosed by Southern Finance on July 24, can be considered as the large corporation’s significant foray into the digital currency sector and an attempt to enhance the financial innovation function. From a report by a 21st Century Business Herald reporter, JD.com’s new cryptocurrency called JD Stablecoin will be pegged at 1:1 with Hong Kong Dollar (HKD).JD Stablecoin will be based on a public blockchain and reserves will include high quality and liquid assets. These assets will be held in separate accounts of licensed financial institutions and the information about these assets will be reported regularly with audit reports. The move is in line with JDcom’s strategy to embrace blockchain technology in its financial services and promote the use of digital currencies in the region.Hong Kong’s Efforts to Promote Financial InnovationJDcom’s foray into the stablecoin market is consistent with Hong Kong’s ongoing strategy to establish itself as a financial innovation hub. On 18 July, the Hong Kong Monetary Authority (HKMA) added JD Coinlink (Hong Kong) of the JD Technology Group to the list of its ‘sandbox’ programme to include stablecoin issuers.

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