on the crypto
Alipay has banned transactions in Bitcoin and other cryptocurrencies. The news was made public by Alibaba's digital payments service and follows a thread that appeared on October 10 on Twitter, in which the The company's position against virtual currencies had been made explicit with great force, up to stating the intention to monitor all over-the-counter transactions with great attention in order to identify and sanction irregular behavior, in total compliance with existing regulations in China.
Alipay's move has been interpreted by insiders as a direct response to a series of reports in which it is claimed that it is one tool for transactions involving the use of BTC. Statements that could put the company in a bad light in the eyes of the Chinese government and therefore Alipay itself wanted to deny the facts.
Alipay denies Binance
The Alipay communiqué, in particular, has gone to deny with great decision the announcement made a few hours before by Binance, according to which it was possible to buy Bitcoin by leveraging applications such as Wechat and Alipay. This operation would go against the provisions of the Chinese government and consequently aroused considerable sensation in the sector, at the same time raising great enthusiasm among the many Chinese who see in virtual uniforms an interesting tool.
Alipay's denial naturally forced Binance to correct the shot, with the CEO of Binance Changpeng Zhao, usually referred to in the chronicles as CZ, committed to clarifying that the exchange is not working directly with WeChat or Alipay, but since these are app P2P allow all users to talk and create operations that involve the use of cryptocurrency.
What is happening in China?
Alipay's denial and Binance's clarifications are inserted into a quite contrasted framework for digital assets. Over the last few months, rumors have continued to run up regarding the government's resolution to launch a national virtual currency. Rumors that have been chasing each other for some time, arousing considerable interest on the part of the many Chinese cryptocurrency fans, but which in the last few weeks have been deflating. In particular, it was the central bank of the country that specified that there is currently no such project, as the country would not yet be ready for a similar hypothesis.
For China it is a very special moment
Clarifications that, however, have not overly convinced the observers, also considering the wavering position of the political and monetary authorities in relation to digital assets. Positions that in any case are held in great account by the various financial operators, starting from Alipay, which for some time now they have adopted a position of extreme prudence. The same one that probably prompted the operator to reply to the bidding statements from Binance, seen as a provocation in a rather particular moment for China, struggling with the war of duties unleashed by Donald Trump and the events that are taking place in Hong Kong.
