Recently, a shocking remark has been added by one of the co-founders of Ali Baba, Joe Tsai. The government officials of China have recently imposed a strict ban on cryptocurrencies in all respects. The miners have immigrated to new locations, and the local social media platforms have been banned. However, Tsai declared on social media that he likes crypto.
There have been no further explanations offered on the matter by him thus far. However, the crypto community has been trying to understand the importance of the remark. It is worth noting that Ali Baba is an e-commerce giant operating out of China. Meanwhile, Tsai is generally regarded as the right-hand man of Jack Ma.
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Ali Baba has Filed for Thousands of Cryptocurrency Patents this Year
As a leading e-commerce platform, Ali Baba wants to keep up with its global competitors. The platform has proceeded to invest in the NFT marketplaces and also included a pledge to keep working on the market potential. Ant Group is a fintech daughter company of Alibaba.
As reported by the media, the subsidiary filed for 7k patents related to cryptocurrencies this year alone. Tsai also owns Brooklyn Nets, and its star player Kevin Durant owns a massive stake in Coinbase through Thirty-five Ventures. Financial Post recently revealed that he also holds Canadian citizenship.
Citi Hong Kong Executive James Lloyd asked Tsai on Twitter if he also added the same remark on his Weibo profile. Weibo is a localized social media platform operated under the guidelines of the Beijing government. A blockchain pledge drafted by Alibaba; postulates that the company is going to ensure the prevention of money laundering.
However, the strict stance of the Chinese government has made it near impossible for the residents and businesses to take advantage of the nascent industry. The important business personalities and social media activists can’t promote cryptocurrencies or try to spread awareness about the topic.