Alibaba Launches Cryptocurrency Mining Platform despite the increased attention from the Chinese authorities. Why did Jack Ma change his mind over cryptocurrency market?
17 January, AtoZForex – Alibaba, one of the Chinese e-commerce giants, has made a surprise move amidst the regulatory turmoil in the country. According to some online reports, Alibaba has launched a cryptocurrency mining platform.
Alibaba Launches Cryptocurrency Mining Platform Despite Heightened Regulations
A Twitter-based cryptocurrency news provider, CnLedger, has reported the news from Chinese Internet service qq.com. The company has shared that Alibaba’s ‘P2P Nodes’ platform had “launched” following the registration back in October 2017.
The news portal further stated that Alibaba might incorporate P2P nodes in its e-commerce platform in the future.
The P2P Nodes also stands for the obvious change of plans for Jack Ma, the founder of Alibaba. Back in December 2017, Mr. Ma has stated that the world is not ready for the cryptocurrency adoption yet. He has also mentioned that Alibaba has “spent a lot of efforts” for the research of Blockchain technology.
Furthermore, Chinese conglomerate Tencent has registered a “Blockchain-related trademark” for an entity appearing under the names ‘Ether Lock’ and ‘Ethernet Lock.’
These developments appear amidst the Chinese regulatory clampdown on cryptocurrencies in the country. The authorities have been making some major decisions in regards to the digital currency market operations in China. One of its latest initiatives includes the desire to gradually reduce the participation in Bitcoin mining.
Moreover, Chinese officials look into ways to eliminate the centralized cryptocurrency to fiat trading. According to numerous online reports, Chinese authorities are pushing further with their clampdown on cryptocurrency trading. This time, the Chinese government is targeting online platforms and mobile applications that solicit exchange-like services. Multiple sources quote people familiar with the matter.
Chinese officials have banned cryptocurrency exchanges last year as a part of their overall negative cryptocurrency-related stance. Just recently, China has reported an uptrend in the activity on alternative cryptocurrency trading venues. The authorities plan to limit local access to domestic and offshore platforms that allow centralized trading.
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