Chinese E-commerce Giant Alibaba Creates Cryptocurrency Mining Platform

An interesting rumor has surfaced on the internet recently. According to this rumor, Alibaba, a giant e-commerce Chinese company, has started to launch a mining operation and its own cryptocurrency in the future.

Soon, the company dispelled the rumor issuing a statement on Weibo (the Chinese version of Twitter, basically) stating that they were not entering in the cryptocurrency mining or virtual currency business. Check out the story.

The Original Rumor

It was recently discovered that Alibaba had the ownership of a network called P2P Nodes. The media was quick to assume that Alibaba was entering in the business of blockchain technology and that this network would be used for cryptocurrency mining or for the creation of a new cryptocurrency.

The polemics were intensified because China has recently vowed to diminish cryptocurrency mining in the country and it was speculated that Alibaba would use this P2P Nodes platform for cloud mining.

P2P Nodes was registered during October 2017 and the rumors were exaggerated as soon as the news started to appear on the internet.

What Has Really Happened?

Alibaba has recently stated on Weidu that P2P Nodes is not a mining platform and that the company is not currently entering in the cryptocurrency business. The chief of Alibaba, Jack Ma, has stated that he does not seem so interested in developing Alibaba’s own cryptocurrency at the moment and that the whole rumor was only a speculation.

If what Alibaba states is the truth, the P2P Nodes is a platform that will be used for content distribution within Alibaba’s own network, not cryptocurrency mining.

The Future of Alibaba and Cryptocurrency

Will China ever be more open to cryptocurrencies? Will Alibaba really start to use them? It is hard to say about China, but Alibaba will certainly have to think about cryptocurrencies in the near future as they are completely changing the market.

If you want to know more about cryptocurrency and blockchain news, be sure to follow our blog for more information.

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