Alipay distances itself from cryptocurrencies

Alipay distances itself from cryptocurrencies. In China life is increasingly complicated for the main digital currencies ...

As they continue to tighten the Chinese cryptocurrency sweaters, Alipay, the largest mobile payments application in China, has officially stepped out of the business, officially banning Bitcoin over-the-counter (OTC) trading, and preventing traders from using the Alipay accounts to be able to start digital asset operations.

Ant Financial, a subsidiary of Alibaba, parent company of Alipay, with a valuation of $ 150 billion, is today the top leader in the Chinese payments market, with over 90% of the market share. With such breadth, it is understandable how the Chinese government has paid particular attention to Alipay's services, not looking favorably on the fact that cryptocurrency traders can use the company's accounts to finance their cryptocurrency operations.

Beijing News he then reported last Friday that Ant Financial is strengthening its efforts to monitor both the traders account and those of reference sites, which integrate the Alipay gateway to facilitate over-the-counter (OTC) cryptographic trading.

For many years, Alipay and Jack Ma, founder and president of Alibaba, have expressed optimism towards cryptocurrency and blockchain technology. And although Ma described Bitcoin as an asset that may have speculative bubble-like characteristics, he also stressed how blockchain-based distributed systems will secure widespread mass adoption in the future.

We also remember that in February 2018 Alipay he was forced to indirectly remove cryptocurrency operators from his network, when the government of China asked all banks and financial service providers to ban Bitcoin trading accounts.

Overall, it is clear that during the last 72 hours China has practically bloccato the cryptocurrency industry in the country. So after banning all commercial events in relation to cryptocurrencies, China has moved forward and has blocked more than 124 overseas crypto exchanges, which offer trading services to Chinese residents. A tweet made by the Korean Cryptocurrency and Blockchain News also mentions that the payment channels of fiat currencies, which will be highly monitored.

Furthermore, take into account how another organization that had to adhere to the regulation was Tencent Holdings whose popular app Wechat was invited to ban the best blockchain and cryptocurrency platforms due to the "non-compliance with regulations".