China’s Alibaba Quietly Launches A Cryptocurrency Mining Platform

Chinese conglomerate of electronic commerce and technology – Alibaba has quietly launched a digital currency mining platform, according to an unconfirmed local press report.According to Tencent News, Alibaba registered the platform, called “P2P Nodes”, on October 10, 2017, with relevant local authorities for Nanjing.

“Alibaba recently launched a virtual currency operating platform” P2P node “, regarding terms of the service contract platform, the main operating platform is Alibaba East China Ltd. It is of note that the company on October 10, 2017, has had its registration completed, registered in Nanjing, “said the report, according to a very rough translation.

The report does not particularize whether the platform has officially started registering users.

The news caught the Western public’s attention by cnLedger, who said that according to its translation of the report, sources say that Alibaba could eventually incorporate the mining operation into its e-commerce platform.

A separate Tencent report indicates that the operation will be a “third party” platform, which probably means that it will function as a cloud exploration service that allows users to rent electricity to the company.

The report states that Alibaba is “very cautious” about the project and that although users can withdraw money using Alipay, they can not directly withdraw the currencies they mine, according to the terms of the service.

If the report is needed, it represents a radical change for Alibaba, the founder, Jack Ma, said last December that the company was not going to engage with any form of cryptocurrency.

“I do not think we’re ready for that,” he said, adding that the company would focus on Fintech innovations such as Alipay. “Bitcoin [not] is for me.”

The timing of the announcement is also vital, as the central bank of China recently tried to tighten ties in the national digital currency industry.

Earlier this month, regulators began to pressure local governments and utilities to stop giving incentives to digital currency mining, a policy that officials say will make China less attractive. to this flourishing industry.

NCC also reports that central bank officials plan to block domestic access to digital currency trading platforms outside the continent, expanding its centralized commercial campaign that began last year when regulators ordered the closure of local exchanges.

This story is under development.

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