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Bitcoin-Related Transactions to Be Banned by Alipay as China Continues Its Anti-Crypto War

  • Yuri Molchan
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    Chinese Alipay payment provider promises to shut down all transactions related to Bitcoin or any other crypto on it

Bitcoin-Related Transactions to Be Banned by Alipay as China Continues Its Anti-Crypto War
Cover image via news.u.today

China declared war on crypto back in 2017 when it imposed a ban on ICOs. Local crypto exchanges became the next โ€˜victimโ€™ of the Chinese authorities.

However, at the moment the Chinese Central Bank (the PBOC) is working on its own, yuan-backed digital currency.

Many experts, such as angel investor Anthony Pompliano and Ripple CEO Brad Garlinghouse, have pointed out that China may gain leadership in the industry of digital central bank currencies along with all other benefits that would follow. That may happen, they say, unless the US government creates its own digital USD or allows Facebook to launch Libra.

Following the policy of its government, the branch of the Alibaba Group giant, Alipay, now warns that should its operators spot any transactions related to Bitcoin or other crypto, payment services on them will be immediately stopped.

Last year, Alipay banned all OTC trading accounts to do with Bitcoin.

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Do you believe that โ€˜China Coinโ€™ will allow China to take the status of the world economic leader from the US? Feel free to tell us in the comments!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. โ€˜Hodlsโ€™ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
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    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

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