Crypto policy creates friction for Hong Kong's one country, two systems principle. Credit: Jimmy Chan via Pexels. Key Takeaways The People’s Bank of China has said that it considers stablecoins illegal under China’s crypto ban. The latest crackdown serves as a blow to Hong Kong’s stablecoin ambitions. Hong Kong-listed crypto stocks tumbled on Monday morning. When Hong Kong launched its new stablecoin regime earlier this year, it was meant to usher in a new golden age of regulated crypto for greate ...