Market Cap: $133.38B

|

Vol24: $28.78B

|

dominance: 52%

Payment app of Alibaba may not be used for trading digital currencies

Alipay users will not be able to trade cryptocurrency

Ant Financial, the payment department of the famous Alibaba trading company, has entered into a partnership with Chinese regulators to closely control the trade in crypts between individuals in the mobile Alipay application.

According to the Beijing News, led by the Communist Party of China, Ant Financial will monitor commercial and user accounts, as well as sites using Alipay payment gateways for trading off-exchange crypto-currencies.

The representative of Ant Financial, said:

"Alipay does not provide services for the transfer of digital currencies. Our organization controlled and will control the trading activity outside the exchanges. If we see a transaction involving virtual currencies, we will suspend the transfer of funds or even permanently disable the payment acceptance function for all accounts involved in such transactions."

At the same time, the representative of Ant Financial did not specify the exact number of users caught on off-exchange cryptocurrency trading.

Recently, it also became known about the intention of Chinese regulators to block access to more than 100 foreign crypto exchange exchanges, which still continue to cooperate with investors from China.

It is noteworthy that WeChat Pay, the payment application of the most popular Chinese messenger, also blocks accounts suspected of cryptocurrency trading.

After in September 2017, the People's Bank of China banned the trade in crypto-currencies, traders began using Alipay, WeChat Pay and other payment applications to purchase crypto-currency assets and exchange them for fiat money.


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