JD.com and Ant Group’s push for yuan-based stablecoins challenges China’s 2021 crypto ban, which was imposed due to financial stability concerns.

Quotes that support claims

China has a long-standing ban on cryptocurrency transactions, which extends to most private stablecoins. This ban, particularly intensified in 2021, was motivated by concerns over financial crime, capital flight, and potential threats to financial stability.

Their lobbying efforts, if successful, would mark a major shift in the way Beijing views cryptocurrencies, which it banned in 2021, and could reshape China's strategy in promoting international use of the yuan.