Ant Financial Services Group, Alibaba’s affiliate payment operator AliPay, took a critical position in relation to primary offerings of coins (ICO).

During a speech at the annual China development forum, held March 24 in Beijing, Eric Ching (Jing, Eric), CEO of Ant Financial said that much of the current enthusiasm around the blockchain comes from speculation related to this concept.

Jing suggested that many of the projects behind the primary offerings of coins, can’t offer nothing but bad Whitepaper. In addition, in his statement, he also ruled out the possibility of the ICO of his company.

“The current phase is similar to the period of the Internet bubble in the 90-ies,” said Jing, adding: “Ant Financial will not contact the ICO”.

According to local media source The Paper, the Director-General also explained that, although he believes in the potential of the blockchain as a mechanism of trust for the future digital society, the current bubble is likely to burst in the next two to three years. According to him, only then the industry will be able to see the blockchain app.

It is worth noting that despite criticism of the ICO, Alibaba still has taken the first steps in the blockchain space. So Ant Financial has developed a blockchain-based platform for charitable donations.

In addition, according to data disclosed by the state intellectual property office of China, Alibaba Group currently has filed about 50 patent applications related bloccano that are pending approval.