{
  "register": "Cross-Border Stablecoin Register",
  "version": "0.11.0",
  "generated": "2026-08-20",
  "endpoint": "corridor_directed",
  "guardrail": "static projection of the public register; no facts added here",
  "data": {
    "corridor_id": "hk-cn-hkd-cny-blocked",
    "name": "Hong Kong SAR -> Mainland China (HKD->CNY/CNH, blocked)",
    "schema": "corridor/v3-directed-edge",
    "origin": "HK",
    "destination": "CN",
    "direction": "directed",
    "currencies": "HKD -> CNY/CNH",
    "feasibility_class": "Blocked at destination (issuance prohibition)",
    "compatibility_category": "III",
    "compatibility_pair": "CN-HK",
    "divergence": {
      "kind": "interaction_sets",
      "against_pair": "CN-HK",
      "pair_interaction_sets": [
        "A",
        "F"
      ],
      "edge_interaction_sets": [
        "A",
        "D",
        "F"
      ],
      "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent."
    },
    "archetypes": [
      "RC",
      "DC"
    ],
    "interaction_sets": [
      "A",
      "D",
      "F"
    ],
    "infrastructure_overlap": {
      "bloc": "mbridge",
      "note": "Both ends on mBridge (HK and CN)."
    },
    "inbound_mechanism": {
      "test": "Destination prohibition",
      "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.",
      "administrator": "PBOC / CAC / SAFE"
    },
    "note": "The mirror corridor is blocked at the destination. No foreign stablecoin, including an HKD-referenced one, may circulate in the mainland as a payment instrument. Only the regulatory and digital-financial archetypes are meaningful, and only at the level of data and capital flows. The contrast with the (also Category III) PRC->HK direction is the clearest single illustration of why corridors must be directed.",
    "source": {
      "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.8 (Hong Kong SAR -> Mainland China)",
      "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (HK x CN: Category III, prohibition axis — highest-stakes pair)"
    },
    "valid_as_of": "2026-06",
    "evidence_tier": "firm_summary",
    "version_added": "0.5.0",
    "tags": [
      "corridor",
      "directed_edge",
      "from_atlas_v0.2.5",
      "v0.5.0_corridor_layer",
      "blocked",
      "category_iii"
    ],
    "materialized_from": "authored",
    "authored_source_file": "hk-cn-hkd-cny-blocked.yaml",
    "class_code": "blocked",
    "origin_drag": false,
    "class_basis": {
      "rule": "destination_prohibition",
      "governing_jurisdiction": "CN",
      "signal": "inbound_gate",
      "signal_value": "prohibited",
      "claim_class": "tier1_legal",
      "binding_status": "in_force_enacted",
      "evidence_tier": "resolution_text",
      "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.",
      "record_ref": "cn-prc-monetary_sovereignty-001",
      "record_ref_meta": {
        "dimension": "monetary_sovereignty",
        "match": "same_instrument",
        "record_binding_status": "prohibition",
        "record_evidence_tier": "firm_summary",
        "record_claim_class": "tier1_legal",
        "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.",
        "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument."
      }
    }
  }
}