China declared war on crypto back in 2017 when it imposed a ban on ICOs. Local crypto exchanges became the next ‘victim’ 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.
If any transactions are identified as being related to bitcoin or other virtual currencies, @Alipay immediately stops the relevant payment services.— Alipay (@Alipay) October 10, 2019
Last year, Alipay banned all OTC trading accounts to do with Bitcoin.
Do you believe that ‘China Coin’ will allow China to take the status of the world economic leader from the US? Feel free to tell us in the comments!