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Alibaba Vice Chairman Shows Interest In Crypto Amid China’s Ban


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The vice chairman of China-based e-commerce platform Alibaba Group has revealed his interest in crypto. His declaration comes despite China maintaining a hard stance on anything crypto-related. But even with all of China’s continued crypto crackdown, the industry continues to enjoy remarkable growth and popularity, most recently capturing the attention of Joe Tsai — the executive vice-chairman of the Alibaba Group.

Alibaba Vice Chairmain Says He Loves Crypto

Joe Tsai is the latest big name to reveal his crypto feelings. Taking to his Twitter page, the vice chairman simply wrote “I like crypto.” And his latest comment has caused a stir on the social media platform.

Meanwhile, despite Tsai’s public comments on crypto, the Alibaba brand has consciously maintained its distance from the industry. The e-commerce giant announced in September that it was halting the sales of mining equipments in order to comply with the strict policies of the People’s Bank of China.

Additionally, Alibaba also banned everything crypto from all of its platforms. Now this includes Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and all other aspects digital assets.

What Other Options Remain Open To Chinese Brands?

No doubt, 2021 was a very tough one for any company that dealt in crypto-related transactions. This was especially true as the Chinese government launched an all-out war on Bitcoin and other cryptocurrencies. But what else can those companies that have been affected in one way or the other, do?

Although, companies like Alibaba may have stopped being in bed with crypto for now, but there might be another opening. The metaverse is a whole different territory and tech giants in China like Alibaba, are already looking to explore the opportunities. In fact, many companies are already rushing to get trademarks for their products in the metaverse.

mayowa adebajo
mayowa adebajo
Mayowa Adebajo is a fintech enthusiast with a decade long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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