In the app, Alipay will limit the ability to trade cryptocurrencies

In the app, Alipay will limit the ability to trade cryptocurrencies

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Ant Financial, a subsidiary of Alibaba Group, in cooperation with the Chinese authorities will work to limit the possibility cryptocurrency trading in the country. The company will introduce monitoring of user activity in the Alipay application to prevent the trade in cryptocurrencies at this site. In this case, increased attention will be paid to merchant accounts and sites that can use Alipay payment gateways for  in the non exchange trade in cryptocurrencies.

Ant Financial said that identifying a transaction with cryptocurrencies would lead to a halt in both the operation itself and the further payment activity of the accounts involved in its conduct. In addition, the users of the platform will work to determine the risks and threats associated with cryptocurrency transactions.

Recall that the day before it became known about the identification of the Chinese National Service for the control risks in the field of the financial technologies 124 trading platforms with foreign IP-addresses, whose services could be used by residents. And before in the popular in China messenger and social network WeChat blocked the accounts of the media, which write about the cryptocurrencies and the blockchain industry.

Ant Financial works with blockchain technology, but demonstratively distances itself from ICO and cryptocurrency trading. In June, the company tested the transfer of funds using blockchain technology, using AliPayHK applications in Hong Kong and GCash in the Philippines in partnership with Globe Telecom. The operation took 3 seconds, although it previously required 10 minutes to several days.

Previously, Ant Financial raised $ 14 billion of investment in the C series of the financing in exchange for shares. These funds were intended to be used to implement the Alipay payment system at the international level and to develop technologies to strengthen the company’s potential to provide inclusive financial services to users with access to and without banking services, as well as small businesses around the world.

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