Alibaba pay with bitcoin

If you're seeing this message, that means JavaScript has been disabled on your browser. Photo credit: Volodymyr Shtun. This is a Discuss post, where we feature short but insightful opinions from the Asian tech community on startup, entrepreneurship, and tech topics. It looks like shopping online using cryptocurrencies is far from being mainstream, with ecommerce giants like Alibaba and Amazon saying no to accepting crypto payments. What does this mean for consumers and the future of cryptocurrencies?

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Content:

• Amazon of China goes big on Bitcoin
• Alibaba and Tencent among The First To Receive China’s Cryptocurrency, Sources Say
• China's E-Commerce Giant Alibaba Just Banned Bitcoin
• How to pay with Bitcoin on Aliexpress
• Have Greater Peace of Mind
• How 3 Asian countries are reacting to Bitcoin
• Pankaj Gupta quits as Google Pay engineering head to join US crypto firm
• Why crypto payments are too complicated for ecommerce giants like Alibaba and Amazon
• The Biggest Crypto Economy, Bitcoin Reaches Verifone, Alibaba Ban + More News

WATCH RELATED VIDEO: How To Pay With safe-crypto.me App (Watch Me Buy Stuff With Bitcoin)

Amazon of China goes big on Bitcoin

The tables quickly turned on founder Jack Ma when he launched his own payments platform called AliPay — a private product for the financial sector, which is mostly controlled by the government. Not wanting to attract anymore scrutiny, the e-commerce giant announced that it will halt the sale of cryptocurrency mining equipment starting October 8 and shut down two sales categories related to mining. The company announced that it has shut its doors to users based in China, effective immediately. And, in another two days, it will be shutting down operations altogether.

Its exit could cause the hash rate to take a heavy hit in the days that follow. One of the largest crypto exchanges in China has suspended new user registration from users based in China. And, by the end of year, it plans to block existing users as well. We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc," it said in a statement.

This is the second time that the exchange has taken a step to pull back its engagement in China. The exchange had previously blocked Chinese users from trading derivatives back in June when China renewed its crackdown on crypto activities. This is in line with what Binance, the largest crypto exchange in the world, is also doing. We will inform users of the specific arrangements and details through official announcements, e-mails, text messages, etc, it said in a statement.

And, for him this was a big milestone. The inflows last week mark the sixth consecutive week of inflows with Grayscale dealing the charge. Times Internet Limited. All rights reserved. For reprint rights. Times Syndication Service. China reiterated its tough stance against everything crypto in a statement last week. This has led to a flood of companies distancing themselves from Chinese users to avoid scrutiny by the authorities. China is putting the pedal to the metal to show its stance against crypto goes beyond empty threats.

Global websites are getting blocked, crypto exchanges are being shut down, and mining pools are closing their doors. Today, they are all pulling back to avoid the risk of facing any heat over crypto concerns. As a result, decentralised derivatives exchange dYdX is processing more volume than even Coinbase. China FUD spells out opportunity for institutional investors. Popular on BI. Latest Stories. Trending News.

Buying Guides.

Alibaba and Tencent among The First To Receive China’s Cryptocurrency, Sources Say

Prices for various crypto assets dipped, and political pundits on both sides of the aisle took this as an opportunity to reiterate previously stated opinions on the issue. Setting aside the political rhetoric, as difficult as that may be in the current geo-political environment, there are several fundamental items that should be take into account when attempting to chart out what these recent headlines means for the sector at large. Taking a step back, it is worth noting and appreciating just how global and interconnected the blockchain and crypto asset space has become. Even in the United States, a bastion of free market capitalism when compared to economies such as China, there has been a pivot toward more rigorous and robust regulation. In fact, there is an increasing sentiment in the marketplace that regulators are attempting to regulate via edict rather than by ongoing dialogue between regulators and private sector actors. In other words, crypto is on the hot seat no matter what jurisdiction is examined.

China's E-Commerce Giant Alibaba Just Banned Bitcoin

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How to pay with Bitcoin on Aliexpress

The Monetary Authority of Singapore MAS has received over requests for payments and crypto exchange licences, including applications from Alibaba and Google. Companies apply under the Payment Services Act, a comprehensive regulatory framework for companies handling activities relating to digital assets, including payments and trading. Firms that have applied but are still awaiting approval may continue offering specific payment services while their application is processed. Shares of Chinese electric vehicle maker Nio NYSE: NIO opened sharply higher on Monday, amid a surprising rally for companies that have spent time as "meme stocks" over the last couple of years, but that have had rough rides recently. As of a.

Have Greater Peace of Mind

The lucky draw took place a day after the second-largest economy in the world announced its plan to build Shenzhen, dubbed China's Silicon Valley, into a pilot demonstration zone for socialism with Chinese characteristics. According to the Shenzhen municipal government, over Each lucky winner received yuan to spend at any one of the over 3, selected retail outlets in the tech hub. In terms of users and money scale, the lucky draw was the biggest move since China's central bank kicked off the pilot for the DCEP project in a couple of cities in April. The country's commerce ministry said the new money would also be tested in some scenarios during the Winter Olympics Games in Beijing and expanded to other regions as necessary. China has been a relatively cashless society for years, with millions of mobile payment users paying with either Tencent's WeChat Pay or Alibaba's Alipay every day.

How 3 Asian countries are reacting to Bitcoin

Chandler Guo was a pioneer in cryptocurrency, the digital currencies that can be created and used independently of national central banks and governments. In he set up an operation to produce one of those currencies, Bitcoin, in a secret location in western China. He believed Bitcoin would one day change the world and replace the dollar. They can make DCEP become an international currency. But many question whether it will succeed and there are concerns that it will be used by Beijing to spy on citizens. Like Bitcoin, DCEP utilises a blockchain technology , a type of digitised ledger used to verify transactions.

Pankaj Gupta quits as Google Pay engineering head to join US crypto firm

The first-day moon of the second quarter of the year is unfolded on a bullish note for the cryptocurrency community. The rumor on the streets of crypto Twitter is that the E-commerce giant has garnered a fair share of Bitcoins for its company. Fair share because it would only be right that Alibaba joins its peers globally in the race for Bitcoin ownership before the market begins to record institutional congestion.

Why crypto payments are too complicated for ecommerce giants like Alibaba and Amazon

RELATED VIDEO: How To Pay Alibaba Suppliers in China - Alibaba Trade Assurance Payment Methods Tutorial 2022

Digital currency continued to receive a hot-and-cold reception around the world this week, with Chinese e-commerce provider Alibaba banning Bitcoin payments, just as the Royal Canadian Mint prepared to demo a digital currency of its own. Alibaba, which operates popular e-commerce sites, including the eBay-like Taobao Marketplace, previously let merchants selling through the site accept Bitcoin and other digital currencies. As of today, such currencies may no longer be accepted as payment, nor may any Bitoin-related products, such as mining software, be sold through the site. Plans for the currency, known as MintChip, were unveiled in , when the Canadian government called on the private sector to create payment applications that would bring the currency to the market. Log in with your FinTech Futures account.

The Biggest Crypto Economy, Bitcoin Reaches Verifone, Alibaba Ban + More News

But the company is still facing a series of big challenges and the fragile confidence of the market evaporated. Also the regime is still upset by the challenging comments of chairman Jack Ma that sparked the stock's dramatic fall in - demonstrating the sensitivities of operating an essentially capitalist operation in a communist controlled market. But that market is also showing a slowdown after a period of strong expansion and the shadow of covid still lurks. Yet Alibaba is big, growing and profitable. So can the stock regain the love of the market or is there potential for the price to fall further? Is Alibaba stock a buy, sell or hold for investors?

David Gura. China announced a ban on cryptocurrency transactions, the latest in a series of crackdowns on virtual money that comes as countries around the world are considering tougher regulations of their own. China is banning cryptocurrency transactions. And it really hasn't been regulated.