China’s anti-crypto onslaught continues, as a prohibition against commercial venues from hosting crypto-related events has been extended to Guangzhou Development District, local media outlet Jiemian reports August 29. Guangzhou Development District is a special economic zone in southern China, close to Hong Kong. The district’s Financial Development Bureau reportedly issued a notice of the new ban August 24, warning of the need to “maintain the security and stability of the financial system.” As reported last week, the move follows an almost identical ban first imposed upon venues in Beijing’s Chaoyang district in mid-August. China’s has this month redoubled its efforts …

Alipay and its parent company Ant Financial announced a partnership with local Chinese authorities to use blockchain for ensuring the authenticity of rice, local media report August 28. A major player in the Chinese market, Alipay boasted 400 million users in August 2017. The company is owned by Alibaba affiliate Ant Financial. According to Global Times, the deal with the municipal government in Wuchang in Heilongjiang Province aims to stop counterfeit versions of the well-known Wuchang rice making it into the market. “This is the first time that Wuchang Rice has changed the long-distance distribution method for the whole country, …

This week, the government of China has cracked down on crypto-related WeChat accounts, blockchain events and digital asset exchanges, solidifying its negative stance on cryptocurrency trading and the Initial Coin Offering (ICO) market. WeChat ban and PBoC’s warning against ICOs On Aug. 22, Cointelegraph reported that WeChat, China’s biggest messaging app that has over 1 billion active monthly users, banned the accounts of cryptocurrency investors, users and businesses. At the time, Lanjinger, a local financial media outlet, reported that the accounts of Deepchain, Huobi News, Node Capital-backed Jinse and Coindaily were suspended or taken down permanently, as they violated its …

Chinese mobile payment app Alipay is toughening its stance towards users who use their Alipay accounts for over-the-counter (OTC) Bitcoin (BTC) trading, Beijing News website reports August 24. The overwhelmingly popular Alipay counted 400 million users as of August 2017, and is run by Alibaba affiliate Ant Financial, which has recently been valued as high as $150 billion. According to Beijing News, Alipay is now taking measures to restrict and even permanently block those accounts that use its network to transact Bitcoin OTC, as well as establishing an inspection system for “key websites and accounts.” This January, a fresh crackdown …

Today, August 21, at BlockShow Americas 2018, speakers at a blockchain-related panel debated the question of the Bitcoin (BTC) blockchain’s decentralization and the benefits of its applications to the global community. At the discussion panel titled “The Great Controversy: Blockchain as Seen From Major Institutions' Perspective,” participants argued about the actual need for blockchain applications in payment systems and questioned the decentralized nature of the Bitcoin blockchain, as well as its practical implementation by major financial institutions. Nouriel Roubini, CEO of Roubini Macro Associates, claimed that the fintech industry “has nothing to do with blockchain,” arguing that “billions of people” …

JPMorgan Chase’s Jamie Dimon was bullish on blockchain tech, but shied away from commenting on cryptocurrency, saying fiat payment apps are “the biggest potential disruption to our business” in an interview published in the July-August issue of the Harvard Business Review. When asked about his company’s chief competitive threat, Dimon, chairman and CEO of JPMorgan Chase — the largest of America’s Big Four banks — singled out what he called “new forms of payment.” Specifically naming PayPal, Venmo and Alipay, Dimon said that “these companies are doing a good job of embedding basic banking services in their chats, their social, …

Since Bitcoin’s uses started to be thrashed out in forums and around dinner tables alike, there was always the belief that it would be a perfect thing for the likes of Amazon to accept. Digital cash for a digital store. Amazon may well be getting into the blockchain game, albeit slowly, and not with Bitcoin. But what about Alibaba? Alibaba is in the East, what Amazon is in the West, and is a massive eCommerce business with huge sway and power in the tech market. So, if Amazon’s Bitcoin, blockchain and cryptocurrency journey is pretty much mapped out and accounted …

Alibaba subsidiary Ant Financial has trialled its first blockchain remittances, sending a transaction in three seconds, Bloomberg reports June 25. The company, formerly known as AliPay, completed a funds transfer between its AliPayHK app in Hong Kong and Filipino payment app GCash, its joint project with local telecoms company Globe Telecom. Part of a growing trend of Blockchain remittances in the Philippines, Ant Financial will establish international outreach in future, CEO Jack Ma told the press on the back of the project. “Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. …

Alipay’s operator Ant Financial has entered into “definitive agreements” with investors to secure $14 bln in a Series C equity financing round. The money will be spent to pursue blockchain and technological innovation, according to a company announcement today, June 8th. Recently valued as high as $150 bln, China’s Ant Financial plans to invest the capital in accelerating Alipay’s blockchain, artificial intelligence (AI), security, and Internet of Things (IoT) capabilities for its global tech platform, that targets delivering financial services to unbanked and underbanked consumers and small enterprises globally. The financing round includes an RMB tranche raised from domestic investors, …