Following the latest regulatory developments in Hong Kong, Asia’s largest oil and gasoline producer, PetroChina, is reportedly evaluating the adoption of stablecoins for cross-border funds.
PetroChina Considers Stablecoin Adoption
On Friday, native information media retailers reported that PetroChina, the listed arm of state-owned China Nationwide Petroleum Company (CNPC), will discover cross-border settlement and funds utilizing stablecoins.
In accordance with the reviews, Wang Hua, Chief Monetary Officer (CFO) and Board Secretary of PetroChina, disclosed in the course of the half-year assembly that the corporate is intently monitoring the newest developments concerning the Hong Kong Financial Authority’s (HKMA) Stablecoin Ordinance.
In Could, Hong Kong’s Legislative Council formally handed the brand new Stablecoins Ordinance, directing any particular person or entity in search of to difficulty a fiat-referenced stablecoin (FRS) within the jurisdiction, or any Hong Kong Greenback (HKD)-pegged token, to acquire a license from the HKMA.
The ordinance, enacted on August 1, goals to strengthen regulatory oversight on the digital property business, whereas fostering innovation and “accountable, sustainable” improvement. Below the brand new framework, licensed entities are allowed to supply FRS in Hong Kong. In the meantime, retail traders can entry the tokens issued solely by these certified establishments.
Hong Kong’s Monetary Secretary, Paul Chan Mo-po, beforehand famous that stablecoins, “notably when it’s referenced to fiat currencies, (have) many use case situations,” together with cross-border funds to reinforce effectivity and cut back prices.
PetroChina will reportedly provoke a viability research on the usage of stablecoins for cross-border settlement and funds, marking the Chinese language vitality large’s entry into the digital property panorama below Hong Kong’s new regulatory framework.
HK, China Crypto Panorama
Because the report famous, Wang Hua didn’t disclose a selected timeline, solely stating that the corporate would “intently monitor coverage developments and construct technical capabilities.” This might recommend that PetroChina’s stablecoin exploration stays within the analysis part.
It’s price noting that the HKMA established a six-month transition interval and inspired establishments to submit purposes earlier than September 30. Hong Kong’s Monetary Secretary has acknowledged that regulators obtained a number of purposes from entities in search of to turn into certified issuers.
Earlier reviews revealed that a number of corporations have utilized for the HKMA license forward of the ordinance enactment, together with logistics know-how agency Reitar Logtech and the abroad arm of Chinese language mainland monetary know-how large Ant Group.
In the meantime, e-commerce large JD.com, by way of its fintech arm JD Coinlink, was testing HKD-pegged tokens below the regulator’s sandbox program earlier this 12 months. Regardless of Hong Kong’s crypto push, authorities have warned in regards to the extreme hype available in the market and public opinion, elevating considerations over a growing development towards hypothesis because the market has turn into “overly enthusiastic.”
Equally, Chinese language regulators have allegedly instructed corporations to halt promotions and analysis publications associated to stablecoins amid considerations that the rising curiosity within the sector may allow the digital asset to be exploited as a brand new instrument for fraudulent actions.
Nonetheless, Eric Trump, son of US President Donald Trump, just lately highlighted China’s position within the crypto business. At Bitcoin Asia 2025, the American businessman affirmed that the nation is a “hell of an influence” within the sector, including that the US and China possible understood digital property “higher than anybody else on the planet.”
“There’s no query that China is a hell of an influence relating to this world,” Trump mentioned, stating that he would love for President Trump and his Chinese language counterpart, Xi Jinping, to speak about Bitcoin.
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