By Simon Hradecky, Reuters China’s biggest online marketplace, Alibaba, has announced that it is working on a website for virtual currency called BitCoin, in an effort to boost the growth of the digital currency in the world’s second-largest economy.
The announcement on Thursday comes as Beijing is trying to boost its financial sector and has announced a series of new policies to curb the currency’s popularity and boost its value.
The move to make BitCoin a currency was announced in a document titled ‘B2B and FinTech for Economic Growth’ which was posted on the official Xinhua news agency.
It said BitCoin is a new form of digital money which is being created to complement and complement existing financial instruments.
BitCoin has a price range of about US$1.60 to US$3.40 per coin.
It is not clear what kind of financial instrument it is, though the site’s announcement said it is designed to help finance a range of activities such as real estate development, real estate lending, remittances and crowdfunding.
The currency is not regulated and exchanges are not required to keep records.
However, the move to introduce the currency could increase pressure on exchanges that want to expand into virtual currencies.
The value of the new currency has surged more than 20 percent since it was introduced on October 31.
It has climbed above US$50 per coin on the first day of trading.
The news comes a day after the Chinese central bank launched a new virtual currency, Bitcoin Cash, that is aimed at helping the government and the banking sector deal with a slowing economy.
The move was prompted by an online campaign in November to raise awareness of the cryptocurrency, which was created in 2011 by a group of programmers to counter the perceived lack of legitimacy in the financial system.
The new virtual coin is also a way to help consumers and businesses to better understand the financial landscape.
It also allows companies to make payments online and bypass the banking system.
Bitcoin Cash has attracted more than a quarter of all Bitcoin transactions so far, according to data from CoinMarketCap.
Bitcoin has been in a slump in value as the market for digital currencies has waned in recent years.
The price of Bitcoin, a virtual currency that is based on the computer code known as codebase Bitcoin, has declined by about 25 percent this year.