Breaking: Alibaba vice chairman says he “likes crypto”

Executive vice-chairman of China’s biggest online retail platform Alibaba, Joe Tsai took Twitter by storm earlier today when he tweeted “I like crypto.” What made it even more prominent is the fact that China has taken a no-nonsense policy against crypto banning all forms of crypto mining and declaring crypto transactions as illegal.

Binance CEO Changpeng Zhao was quick to notice the tweet and responded with “I like Joe.” While the Chinese government has banned crypto more than a dozen times, but Chinese crypto traders often find a way to bypass the ban. Even after an all-out ban on foreign exchanges, many Chinese crypto traders turned to Defi to sweep under the radar of government surveillance.

Non-Fungible Tokens (NFTs) have got very popular among Chinese artists and businesses despite a looming uncertainty from the government. Recently, Baidu, the Chinese equivalent of Google filed for NFT patents despite a recent warning issued by the state media outlet.

How will Alibaba’s vice-chairman’s comment play out?

It is not new for Chinese tech giants to show interest in emerging technologies unless and until they are warned by the state authorities. Last year, a press release from Alibaba group hinted at possible crypto payment integration leading to worldwide media attention, but the firm had to later retract the comments and said they won’t be adding any foreign crypto option until the government’s approval. China has made it clear that anything apart from its CBDC would be deemed illegal for use.

Alibaba’s former executive Chief Executive Officer (CEO) and founder Jack Ma was also at the center of media attention around the world after he suddenly vanished from the public eye reportedly after criticizing the government over its policies.  Thus it is to be seen how the recent comments on crypto by the executive vice-chairman play out.