Alipay prohibits cryptocurrency transactions

Posted 11 October, 2019

China declared war on the crypto industry back in 2017 when it introduced a ban on initial coin offerings (ICOs). The next victims of the Chinese authorities were the local cryptocurrencies and the companies that worked with them.

One of the largest payment systems Alipay will track transactions related to Bitcoin or other digital money. The company emphasized that they block all cryptocurrency operations, as they violate Chinese law. The message from the payment provider says that if any transactions related to the BTC and a number of altcoins are discovered, they will be immediately stopped.

“If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.” - wrote Alipay.

Meanwhile, the People's Bank of China (RVoC) has almost completed the development of its own digital currency. Many experts, such as Anthony Pompliano, founder of Morgan Creek Digital Assets, and Brad Garlinghouse, CEO of Ripple, note that China can become a leader in the global cryptocurrency market with all the consequences if it launches its stablecoin.

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