CBSR · evidence library

Hong Kong SAR → Mainland China stablecoin corridor evidence | CBSR

Read the directed Hong Kong SAR → Mainland China corridor, destination gate, class blocked, source basis and review limitations from the historical CBSR snapshot.

Why direction matters here

The HK→Mainland China edge is blocked at destination in the snapshot. A Hong Kong-issued instrument or a shared infrastructure experiment does not remove the recorded mainland prohibition, and data or capital-flow analysis is a separate question from lawful stablecoin payment circulation.

Direction / currencies: Hong Kong SAR → Mainland China / HKD -> CNY/CNH
Published class code: blocked
Authored analytical dateline: 2026-06
Snapshot generation: 2026-08-20
Class rule / governing jurisdiction: destination_prohibition / CN
Evidence tier / binding status of signal: resolution_text / in_force_enacted

Destination gate: exact snapshot wording

Destination prohibition

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 The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing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 recorded by source: PBOC / CAC / SAFE

Class basis and source dependency

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.

Signal: inbound_gate = prohibited
Dependent record: cn-prc-monetary_sovereignty-001
Underlying source check / review state: Not evidenced / unknown

Directed edge versus undirected pair

The source explicitly distinguishes pairwise interaction sets from this directed edge. Direction-specific interaction sets are A, D, F

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.

Sources and limits

Exact committed corridor JSON
Authored corridor source
Underlying regulatory source recorded by CBSR
Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.8 (Hong Kong SAR -> Mainland China)
Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (HK x CN: Category III, prohibition axis — highest-stakes pair)

An authored narrative or infrastructure pilot does not certify operational access. The class is a dated research output, not a licence, execution approval or guarantee of settlement availability. Source-review gaps remain visible in the linked jurisdiction records.