Jingdong Stablecoin - It's been hyped up, but the result may not be as optimistic as everyone expected!
Jingdong Coinlink, a subsidiary of Jingdong Technology, recently showed the company's future stablecoin plan - Jingdong Stablecoin on its company homepage,
and opened the subscription channel, which made many people very optimistic about the future opening of crypto policies, especially the recent rumors that crypto regulation will be relaxed in Q4. In fact, the reality is not so optimistic.
1. Click on the statement column on the company's homepage to see that the company's stablecoin proposal has only been added to the "sandbox" list of the Hong Kong Monetary Authority, not directly obtained the issuance license or has been approved by the Hong Kong Monetary Authority. It is only a preliminary stage now.
2. At the same time, there are two other companies in the "sandbox", Yuanbi and Standard Chartered are also on the list.
3. After entering the "sandbox", it means that the HKMA will provide certain compliance guidance and regulatory expectations to the applicant institutions. Everyone can use it as "pre-job training". As for whether they can finally take up their posts and whether the three will compete, it is still uncertain.
4. Even if JD.com completes the "pre-job" training and successfully competes for the job, it should be noted that the stable currency issued by JD.com is benchmarked against Hong Kong dollars, not RMB.
Many people optimistically expect that they can enter and exit KING conveniently after passing the test, but what you can exchange is Hong Kong dollars, and the exchange of Hong Kong dollars to RMB still requires a foreign exchange quota. At present, the per capita foreign exchange quota is only 50,000 US dollars/year, and the policy will be tightened. Therefore, there is no problem in solving small amounts, and large amounts are basically not considered.
5. Compliance, legality, and acceptance of supervision are the inevitable ways to go. Anti-money laundering and KYC audits will inevitably be strict. At the same time, tax issues will inevitably be put on the agenda. If JD.com can issue it, it must be a pilot, so there are still many problems to face.
Finally, I would like to give you a word, look at the development rationally, and wait for the results calmly.
PS: If you have nothing to do, go and learn about the recent bank policies, and you will know whether the policy will be opened in Q4.
