Alibaba Vice Chairman Says He Likes Crypto Amid China’s Ban

The Alibaba Vice Chairman Joe Tsai, took it to Twitter to declare his sympathy for crypto despite the Ban in China as we can see more in today’s crypto latest news.

There’s another notable addition to the growing army of crypto lovers. The Alibaba Vice Chairman Joe Tsai is one of them after he stated that he likes crypto. Tsai is the full owner of the Brooklyn Nets as he purchased the NBA franchise from Russian billionaire Mikhail Prokhorov in 2019 for a value of $2.35 billion. Tsai said in a post that he likes crypto despite the ban in China.

I like Joe https://t.co/axjaRtPoe3

— CZ 🔶 Binance (@cz_binance) December 28, 2021

Binance’s CEO Changpeng Zhao quickly reacted to the tweet and said he likes Joe. Tsai’s admission came hot ont the heels of the Brooklyn Nets’ start Kevin Durant signed a new deal with Coinbase as the biggest exchange in the US. The deal will see coinbase run crypto ads on Durant’s sports website and will donate to the NBA star’s charitable foundation and support the youth. While it is not yet clear what Tsai meant by “Crypto” the billioanire entrepreneur flirted with the idea of issuing a fan token and NFT among other activities to improve fan engagement. Tsai said:

“We in the NBA now have the potential for teams to issue fan tokens. It’s been discussed, hasn’t been approved but people in Europe have already been doing this with soccer teams in Europe issuing fan tokens which have privileges attached to it.”

Tsai speaking about crypto is important because of his role at Alibaba where he is the second man behind Jack Ma as the founder of the company. Ma is considered to be the creative force in China and Tsai is the one that turns the ideas into action.
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Following China’s crackdown on crypto, Alibaba announced it will stop selling specialized mining equipment on the platform with the company banning platforms from selling cryptos like ETH, LTC, and BTC. The Chinese government moved to restrict crypto-related activities in 2017 when it banned initial coin offerings and trading that forced plenty of exchanges including BTCC, Huobi, and OkCoin to leave the country or shut down.

Beijing renewed the crypto ban in May this year after it banned crypto mining which not only resulted in the BTC network’s hash rate that dropped dramatically but also led to a huge shift among miners to the other parts of the world mainly in the US. A group of Chinese payments and financial associations reiterated the central bank’s ban from 2017 and warned investors against crypto trading as a speculative activity.