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Alibaba quietly launches cryptocurrency mining platform

China e-commerce and tech conglomerate Alibaba has quietly launched a cryptocurrency mining platform, reported by unconfirmed local media report.

According to reposts, Alibaba registered a platform called “P2P nodes”. It is not yet confirmed whether the platform has started to register the new users.

The news stated that, a rough translation of the report, that Alibaba may incorporate the mining operation into its e-commerce platform.

If the reports are true, then its stands against what it’s founder, Jack Ma, said last month about not stepping into this volatile market. He said that company would rather focus on fiat-based fintech innovations such as Alipay.

In the beginning of this new year, the regulators started pressurising local government to stop giving incentives to cryptocurrency mining operations, in the hopes that will slower or kill down this burgeoning industry.

China central bank officials are planning to block domestic access to cryptocurrency trading based outside mainland, in a way seizing and widening its crackdown on centralised trading.

 

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