Alibaba's new CEO raises crypto hopes in China
The new CEO of Alibaba company stated in December 2021 that "I like crypto." Also, he has supported many cryptocurrency projects.
cryptocurrency
Highlights
- Alibaba CEO resigns to become the CEO of Alibaba Cloud
- Joseph Tsai will serve as Alibaba's new chairman from September 2023
- In 2021, Alibaba Alipay banned the sale of NFTs
Daniel Zhang, who is currently serving as the CEO of the Alibaba company, will be replaced by Joe Tsai, the vice chairman and co-founder of Alibaba (BABA). In a statement on 20 June 2023, Alibaba stated that Zhang will continue to lead the Alibaba Cloud Intelligence Group after resigning as the company's chair and CEO on 10 September 2023.
Is it a comeback for crypto?
Joe Tsai, the co-founder of Alibaba is a crypto enthusiast and has invested in a number of cryptocurrency companies through wealth manager Blue Pool Capital, including FTX, Polygon's $450 million financing round in February, and web3 company Artefact Labs.
He was a stakeholder in FTX, and his connection with the fund-raising efforts for Fast Break Labs and Artificial Lab is sufficient to demonstrate his interest in the industry. "I'm excited to collaborate with Eddie to initiate our next phase of growth through technology and innovation," Tsai stated.
Joe Tsai announced on his Twitter profile, "I like crypto," fueling rumours that China could legalise cryptocurrencies.
It is speculated that Alibaba could be aware of developments in cryptocurrency in China, which is why Tsai has been appointed chairman of the company. All of these moves are also linked to China's growing interest in cryptocurrency.
Chinese laws regarding the treatment of NFTs
China appears to still be getting ready for the cryptocurrency market. However, non fungible tokens (NFTs) appear to have an uncertain legal status in China.
In 2021, Alibaba banned the sale of NFTs. After six months of holding the NFT, the ban will no longer be effective. NFTs can be transferred by users to accounts that have already undergone verification. The buyer is not permitted to use the digital item for commercial purposes because the copyright for it also belongs to the owner.
On June 12th, the Bank of China (BOC) released $28 million in digital assets based on the Ethereum blockchain. With this action, BOC becomes the first Chinese financial institution in Hong Kong to issue a tokenised security.
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