The China ban on cryptocurrencies has led to many firms moving away from the crypto sector. However, there are still company executives that are going big on crypto. An executive from Alibaba Group, the leading e-commerce platform in China, has announced that he likes cryptocurrencies. The executive vice-chairman for Alibaba, Joe Tsai, revealed that he was still bullish on crypto through a Twitter post.
Executive says he likes crypto
The remarks by Tsai have sparked debate on crypto Twitter, with many noting that it is contrary to the Chinese ban that has prevented individuals or businesses from transacting in cryptocurrencies.
Tsai is a Taiwanese billionaire that owns the Brooklyn Nets of the National Basketball Association (NBA). Coincidentally, the NBA has been big on seeking partnerships with crypto firms. Coinbase and the FTX exchange are two leading crypto firms that have secured MBA partnership deals.
Additionally, this is not the first time Tsai has shown support for cryptocurrencies. In August, Tsai appeared in an interview with Sportico’s Brendan Coffey, where he talked about the role of crypto in the sports sector.
He stated that ”media, sports betting, crypto-we see all those things converging slightly. You can’t talk about sports betting these days without thinking about how that affects your media rights. And maybe, for the betting fan base, injecting a little bit of crypto will be interesting.”
Alibaba is staying away from crypto
Since China imposed a ban on digital currencies, many tech firms have stayed away from the sector to avoid repercussions. As such, Alibaba has not endorsed cryptocurrencies. In September, the e-commerce behemoth announced it would no longer sell mining equipment.
The company further announced that it would stop its operations in two sectors: Blockchain Miner accessories and Blockchain Miners. Moreover, it banned all cryptocurrencies on its platforms.
At the beginning of this year, China stood as the largest crypto hub in both mining and trading. However, in May, the country announced a ban on crypto-related activities, which led to a major migration of mining and trading firms.
The ban led to over 50%of miners going offline, and the Bitcoin network mining hash rate was largely affected. Firms operating in China have stayed away from cryptocurrencies because of this ban.
However, the metaverse is still attracting attention in the Chinese tech sector. Alibaba and other leading tech firms have lodged applications for metaverse trademarks. Chinese regulators have warned against products based on the virtual world.
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