China has banned cryptocurrencies and announced them illegal. Though looks like law is not working fir such giant as Alibaba.
According to the local sources, Alibaba is launching a cryptocurrency mining platform. CnLedger announced this based on a Chinese internet provider announcement. P2P Nodes, a cryptocurrency mining platform of Alibaba, was launched after its registration in October 2017. Though there are rumours that the trading platform may incorporate a separate for now mining platform in future, hence, tis future is rather promising.
Further, Chinese conglomerate Tencent has registered a Blockchain relater trademark for some entity “Ether Lock”.
This all happens even though authorities from Beijing have been trying to reduce the cryptocurrency participation of China, even through banning of cryptocurrency and announcing it illegal.
Alibaba cryptocurrency mining platform also means that its owner, who just some month ago was stating that the world is not ready for cryptocurrency, has finally changed his mind.
Does it mean that China will change its mind about cryptocurrency as well? Let us see, though pro-crypto movement is increasing.