Alibaba VP: “I like cryptocurrencies”

Vice Chairman of Chinese internet company Alibaba Joseph Tsai has declared his commitment to cryptocurrencies despite the ban on mining and the use of public crypto assets in China.

Joseph Tsai
wrote on Twitter, a simple and short phrase “I like cryptocurrencies”, to which many users responded, expressing their support to Tsai. Some were skeptical about his claim, asking what digital assets he owns. Binance CEO Changpeng Zhao also did not pass by Tsai’s tweet and
replied to him: “And I like Joe.”

Alibaba’s vice chairman has been in the spotlight with his announcement as the Chinese authorities have taken serious action against the cryptocurrency industry. According to the Chinese government, the mining of cryptocurrencies is causing great damage to the environment, which it explained its decision. As a result, miners were forced to move equipment to other jurisdictions – in particular, to Russia, Kazakhstan and the United States.

Despite its VP’s loyalty to cryptocurrencies, the e-commerce giant has already begun implementing anti-cryptocurrency policies. Alibaba announced this fall that the platform will be banned from selling cryptocurrency mining products, including ASIC miners. The company has also pledged to stop selling books and tutorials related to the digital asset industry. Since Alibaba is registered in China, the corporation is required to comply with government restrictions in order to operate smoothly in the country.

Last year, Alibaba founder Jack Ma also caught media attention when he criticized international banking regulation and said crypto assets would help create a new global financial system.