Alipay Officially Bans All Bitcoin-Related Transactions

Alipay, one of the most popular digital payment systems under China’s Alibaba group, officially stated that it would be banning all payment transactions related to Bitcoin and other cryptocurrencies.

As mentioned in a twitter thread, “there're several reports about @Alipay being used for bitcoin transactions. To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations.” 

There're several reports about @Alipay being used for bitcoin transactions. To reiterate, Alipay closely monitors over-the-counter transactions to identify irregular behavior and ensure compliance with relevant regulations. [cont'd...]

— Alipay (@Alipay) October 10, 2019

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

Last year, Alipay already banned all over-the-counter (OTC) trading accounts related to Bitcoin.  

Binance began accepting payments via Alipay and WeChat  

Binance announced on Oct. 9 that it has started accepting fiat currencies through payment services Alipay and WeChat. 

However, Changpeng Zhao, CEO of Binance, clarified that Binance is not working with Alipay or WeChat directly. The service will begin to be made available for Android users registered with Binance for over 30 days, with support of iOS added subsequently.   

China’s development of its central bank digital currency   

The People’s Bank of China (PBoC), China’s state-owned bank, has been reportedly developing its own digital currency aimed to replace cash in circulation and was said to be ready in the coming months. However, reports have stated that the digital currency would not be running on a blockchain.   

Brad Garlinghouse, CEO of Ripple and angel investor Anthony Pompliano noted that China might gain leadership in the industry of central bank digital currencies amongst the other benefits that would follow. 

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