Monday, March 27

VP of Alibaba likes cryptocurrencies, company based in China

The Executive Vice President (VP) of the Alibaba Group, one of the largest Chinese conglomerates, said he likes cryptocurrencies.

This speech is certainly important, as it demonstrates the position of an executive of a company headquartered in China, a country that has harshly repressed the cryptocurrency sector.

In 2021, for example, the Chinese government began to ban mining activities in its country, which led many companies to flee to other territories. According to a Brazilian miner, this was the biggest attack ever recorded against the Bitcoin network by a government in the history of digital currency.

In addition, the Chinese government issued a new order against companies in the sector, asking them to close down their operations in the country. This order was so restrictive that it even affected the business of a Chinese brokerage firm that operated in Brazil and ended up terminating its operation due to the case.

However, the Chinese have sought to circumvent the ban on that country and continue to look for alternative ways to continue in the cryptocurrency market, despite no longer having brokers that allow trading in the Yuan pair.

Alibaba VP likes cryptocurrencies

Founded by Jack Ma, Alibaba is a conglomerate of companies that provide services primarily over the internet. E-commerce, payment methods, internet search engines, among others, are services offered by this large company, headquartered in China.

And it drew attention to the billionaire VP of Alibaba Joseph C. TSAI (Joe Tsai), naturalized in Canada, publish that he likes cryptocurrencies in a year marked by Chinese pressure against the sector.

When China imposed restrictions on the cryptocurrency market, for example, Alibaba stopped selling mining equipment on its website, showing that the sector was under pressure.

Thus, seeing one of the company’s main leaders talk about the subject this year is a surprise to the market. It is worth remembering that Alibaba is a company under constant surveillance by the Chinese Communist Party (CCP), which was even accused of missing founder Jack Ma for a few months in 2021, after the billionaire publicly criticized the government.

In 2020, Alibaba (Ant Group) even said it would make an IPO that was eventually canceled by Chinese authorities after Ma’s criticisms of the Chinese government and financial system.

It’s not yet clear whether Alibaba’s VP’s speech is any indication that the company will be working with cryptocurrencies soon, not in China of course, or if it was just a nod to the market. In any case, it shows the leader’s detachment from the Chinese government’s censorship policies regarding the cryptocurrency market when giving public support to the sector.