China's Alibaba, Tencent Bar Cryptocurrency Transactions on WeChat Pay, AliPay
27 August, 2018, 03:28
In February 2018, Alipay was pressured to eliminate cryptocurrency traders from its network indirectly, when the government of China asked all banks and financial service providers to ban Bitcoin trading accounts.
"Red Li, the co-founder of 8Btc, a popular China-based community of crypto and blockchain enthusiasts, confirmed this restriction when he posted on his Twitter account, "#alipay is blocking accounts involved in bitcoin otc trading".
As part of an ongoing country-wide crackdown, China's two largest technology companies, Tencent (TCEHY) and Alibaba (BABA), have reportedly banned cryptocurrency transactions on WeChat Pay and Ant Financial'sAlipay, respectively. Furthermore, the government body is working out the strategy to block access to 124 exchanges operating from overseas.
Beijing News, a media outlet administrated by the Communist Party, detailed Friday that Ant Financial is reinforcing endeavors to screen both merchant and customer accounts, and additionally eminent sites that incorporate the Alipay gateway to encourage over-the-counter (OTC) crypto trading. The governmental organization also stated its plans to introduce monitoring systems that would ensure the inability of overseas cryptocurrency exchanges to give the slip to the country's "great firewall". It will remind them to "not be deceived by various false propaganda", recognize the risk of cryptocurrency transactions and avoid risk and financial losses.
Ant Financial'sAlipay will limit payment transfer functions for the concerned accounts, the Hangzhou-based firm said yesterday. Earlier it was reported that the Chinese government identified over 100 oversea crypto exchanges providing services to Chinese citizens. A tweet realized by the Korean Cryptocurrency and Blockchain News that mentioned, also mentions Fiat payment channels will be highly monitored apart from Communication channels and Exchange blocks.
Specifically, the tech giant said that it will prohibit users from using WeChat payments to make any virtual currency-related transactions. In a ruling by the People's Bank of China late previous year, the institution made a decision to ban all cryptocurrency trading, as well as all Initial Coin Offerings (ICOs).
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