Alipay Reaffirms That Making Payments for Crypto-Related Transactions Is Prohibited

Siamak Masnavi

On Thursday (October 10), Chinese payment platform Alipay, reaffirmed its negative stance on the use of its payment service for crypto-related transactions.

Alipay, which is a leader in mobile and online payments, was established in China in 2004 by Alibaba Group, and currently has over a billion users. Like Apple Pay, WeChat Pay and PayPal, it "overlays traditional card payment methods."

On October 9, Binance announced the launch of a P2P crypto trading service, with support for trading BTC, ETH and USDT against CNY (Chinese Yuan), and said that this feature will initially be available only in China and it would be accessible via the Android version of the Binance mobile app.

Later, Binance CEO Changpeng Zhao (aka "CZ") confirmed on Twitter that users of the app could use Alipay or WeChat Pay to make fiat payments for these trades:

Now, however, it seems that Alipay has heard about this and wants its users in China to know that paying for crypto on its platform is still prohibited.

As the tweet below by Dovey Wan (a Founding Partner of Primitive Ventures) shows, the Alipay Security Center communicated this message earlier today (October 10) on Weibo:

Not to be outdone, just as we were about to publish this article, WeChat Pay made a similar announcement, as you can see from the following tweet by Wan:

 

Featured Image Courtesy of Alipay

UK Opens $130,000 Contract to Catch Crypto Tax Evaders

  • The HMRC has opened a contract worth £100,000 for the creation of software that can detect crypto tax evaders.
  • Special preference is being given for tools targeting privacy coins such as Monero.

The United Kingdom has offered a contract worth £100,000 ($130,000) for software that can identify when cryptocurrency is used to avoid paying taxes. 

According to the contract posted by HM Revenue & Customs (HMRC), the organization is seeking a tool that will “support intelligence gathering methods” for identifying and clustering cryptoasset transactions and linking to their service providers.

The contract claims the tool must be capable of tracking bitcoin, bitcoin cash, XRP, USDT, ethereum and ethereum classic. Preferential treatment will be given to developers capable of creating a tool that can analyze private cryptocurrencies, such Monero. 

The contract reads, 

Crypto assets, such as Bitcoin and Ethereum, provide a means to transfer value between interacting parties.  Also known as virtual and crypto currencies, these services are increasingly used for a range of purposes, from international money transfers, sales of digital services, paying staff and tax evasion and money laundering.

HMRC is one of the UK’s largest organizations, with 60,000 full-time equivalent staff working to collect taxes.

Featured Image Credit: Photo via Pixabay.com