The aftermath of the embargo placed on cryptocurrency transactions by the Chinese payment platform Alipay could possibly signal the launch of a digital Yaun, Morgan Creek Digital Cofounder Pompliano has said.
Alipay has wholly disclaimed working with Binance after the latter disclosed users can buy cryptocurrency on its platform using the payment solution. This would have given the exchange’s customers more options aside from Bank Card.
This recent development made Anthony Pompliano, the Co-founder at Morgan Creek Digital, to suggest that such proscription could gear up the creation of the digital Yuan by China, urging the United States to foray into the digital money before being left behind.
Alipay Disclaims Working with Binance
The whole saga started when a Twitter user identified as Haiyi (Celine) Lu inquired the authenticity of what she observed on the transaction page of Binance exchange. Her inquiry was based on seeing Alipay and WeChat pay as payment options on the platform, directing her eagerness towards the CEO of Binance, Changpeng Zhao.
In confirmation of the inquiry’s subject matter, CZ Binance gave a positive response to her probable assertion. This response later birthed clarification from Alipay via its official twitter handle.
The giant payment solution, Alipay responded thus: “No, you cannot”, rebutting Changpeng Zhao’s reponse. Alipay had previously called the attention of the public against a widespread unfounded rumor that it is executing Bitcoin transaction.
NO, you cannot. https://t.co/J0YMTz3FZW
— Alipay (@Alipay) October 10, 2019
Anthony Pompliano Shares What Alipay’s Gesture Could Imply
The Cofounder and partner at Morgan Creek, Anthony Pompliano, gave his perception on what the recent Alipay’s gesture could imply as regards China’s interest in creating the Yuan form of cryptocurrency, in order to compete with Bitcoin and the forthcoming Facebook’s digital currency, Libra.
In the tweet, Pompliano asserted that Alipay is going to sternly restrict any transaction in the form of cryptocurrency on its payment network, including Bitcoin.
On seeing this, Pompliano urged the United States join the crypto world by creating a digital form of its national currency, as China edges closer on the innovation, so that the country won’t be left behind in the world of the nascent technology.
He said, “Alipay is going to ban any transactions related to Bitcoin and cryptocurrencies. One possible scenario is that this could be prep for the launch of a digital yuan. If that happens, the US better hurry up and digitize the dollar before being left behind…”
CZ Binance Responds to Pompliano’s Assertion
In response to Pompliano’s assertion, CZ Binance lamented the attitude of many westerners in misunderstanding things, quoting Truthseeker, which supposedly made correct interpretation and clarification to what Alipay gestured.
He concluded by commending Truthseeker for singlehandedly displaying smartness among many members within the cryptocurrency sphere, who had misinterpreted what played out between Binance exchange and Alipay.
Many westerners understandably misunderstand things half a world away. No sweat, there are smart people in the crowd. I will take the advice and not comment anymore. https://t.co/XdfUCL5UXC
— CZ Binance (@cz_binance) October 10, 2019