Daily Management Review

Cryptocurrency Transactions Prevented On WeChat Pay And AliPay In China


Cryptocurrency Transactions Prevented On WeChat Pay And AliPay In China
The large mobile payments companies in China have barred the use of and transactions related to cryptocurrencies and this move would make is harder for the proponents of cryptocurrencies to trade in them I the country.
Close monitoring to identify any transaction with crypto currencies on their platforms would be done by WeChat Pay and Ant Financial’s Alipay. WeChat announced very recently that it would not allow users to send funds related to such digital assets on its social media platform.
This is a notable move because the technology has been rapidly adopted by Chinese citizens. In the first 10 months of 2017 alone, mobile payment technology was utilized for transactions which had a total value of more than $12 trillion.
On the other hand, a statement released by Ant Financial, which is supported by Chinese tech giant Alibaba, claimed that the company has been preventing accounting with cryptocurrency transactions on its payments platforms for quite some time now. It is estimated that there are about 520 million users in Alipay while there are about 1 billion monthly active users FOR WeChat.
“Alipay has always adhered to the principle of not providing services to virtual currency transactions,” an Ant Financial spokesperson said in a statement. “We will continue to closely monitor over-the-counter trading activities on a daily basis. Once we find any suspicious crypto-related transactions, we will take appropriate measures immediately, including but not limited to: suspension of fund transfer functionality of any Alipay accounts used by companies for crypto-related transactions.”
These moves coincide with measures by the Chinese government to come down heavily on cryptocurrencies om the current year.  All domestic exchanges and any form of initial coin offerings in China related to crypto currencies has already been banned by Chinese authorities and according to the Chinese state media, the authorities in the country are now looking to ban foreign exchanges using the country’s Great Firewall.
But over-the-counter methods could still be one of the ways that investors could theoretically purchase crypto currencies despite the above-mentioned restrictions on virtual currencies. Though officials seem wary of that trading loophole.
Warnings against any fundraising scams that claim to be developing a blockchain project was issued for the general Chinese investors earlier last week by the country’s authorities including the China Banking and Insurance Regulatory Commission. Officials also shuttered a “large” number of WeChat groups that discussed newer cryptocurrencies.

Science & Technology

Nestle's Head: Veggie meat is new megatrend

Huawei may introduce Android replacement in August

Are US high-tech investors causing brain drain in Europe?

'Russia's Google' Yandex Was Hacked By Western Intelligence For Spying: Reuters

Reuters: Chinese hackers were stealing data from IT giants for years

China's first solar power molten salt plant sets record

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

Apple Patents A ‘Foldable Screen’ For Creating Foldable iPhones

World Politics

World & Politics

France announces new tax for air fares

Europe Concerned Over Iran Move To Breach Uranium Enrichment Cap

Singapore To Build ‘$296 Million’ Smart Next-Gen Army Training Centre

No More Sales Of E-Cigarettes In San Francisco?

US ‘Hell-Bent On Hostile Acts’ Even After Trump-Kim Agreement, Says North Korea

Italy avoids EU sanctions for high national debt

Trump allocates 4.6 bln to help migrants

Iran Says Trump’s Belief That US-Iran War Would Be Short Is “An Illusion”