As a researcher who has been closely following the dynamic world of fintech and cryptocurrencies for years, I find the recent developments with Alipay and cryptocurrency advertisements quite intriguing. Having witnessed the Chinese government’s fluctuating stance on digital assets, I am cautiously optimistic about this latest move.
Users of the popular Chinese payment service, Alipay, noticed fresh adverts showcasing Bitcoin ETFs and other digital assets starting from December 12, as per reports from Sina Finance. These advertisements were visible on the main pages of Alipay.
These promotional advertisements on cryptocurrencies read:
“Global investment, cryptocurrency soaring, 10 yuan minimum investment, get on board now.”
The ad directed users to Huabao Overseas Technology C (QDII-FOF-LOF), which is said to have indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.
According to renowned crypto analyst Colin Wu’s recent update, the platform has set a maximum daily purchase of its shares at approximately $137 (1,000 Chinese yuan) per day. However, investors can start with as little as $1.40 (10 yuan) as the minimum investment amount, as highlighted by Wu in his post on the X platform.
As an analyst, I can express this in a more personal and straightforward manner like so: “I’ve chosen to indirectly acquire Coinbase shares and Ark spot Bitcoin ETF through investing in Wood Sister’s fund. Furthermore, Huabao Technology and several other Qualified Domestic Institutional Investors (QDIIs) have been promoting cryptocurrency on Alipay.
The initial whispers about cryptocurrency advertisements on Alipay surfaced on December 11th. It was ChainCatcher, a local blockchain news outlet, who first reported these rumors based on community discussions. Multiple users claimed to have spotted the crypto ads on Alipay, leading some to speculate that it might soon be possible to purchase Bitcoin directly through this platform.
Bitcoin ETF Popularity Is Growing in China
This year, in January, Bitcoin ETFs made their debut on Wall Street with a strong start, becoming one of the most successful Ethereum launches. The BlackRock Bitcoin ETF (IBIT) has been leading this sector, as its managed assets surpassed $50 billion during the recent surge in Bitcoin’s price.
In the Chinese market, there’s been growing interest in Bitcoin Exchange-Traded Funds (ETFs). Yifan He, CEO of Red Date Technology, a significant Chinese blockchain firm, mentioned that Ant Financial Services Group, the company behind Alipay, is already involved in ETF trading. He expressed that it wouldn’t be surprising if they allowed Bitcoin ETFs. Furthermore, he noted that all transactions involving Bitcoin are processed through Ant Group using Chinese yuan.
In summary, if individuals can’t illegally transfer yuan out of the country, regulatory bodies won’t consider it a major issue or risk, he explained. He also mentioned that the recent crypto advertisements on Alipay are not directly from Ant, but rather placed by a third party exploiting some loopholes. The analyst predicts that these ads might be removed soon.
2019 marked the year when Alipay explicitly forbade any Bitcoin transactions within their system, maintaining a firm anti-cryptocurrency stance that aligns with China’s overall unsupportive views on digital currencies.
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2024-12-12 17:42