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Why Alibaba Stock Just Fell 4%

TheMotleyFool

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Shares of Chinese e-commerce giant Alibaba Group Holding (NYSE: BABA) dropped 4% as of 10 a.m. EDT Monday, and given the headlines coming out of China last week regarding how the government is cracking down on tech companies left and right, this is not too surprising. But as it turns out, Alibaba shareholders in particular have something even more specific to worry about: the digital yuan.

Image source: Getty Images.

As The Wall Street Journal reported over the weekend, the Chinese government is pressing tech giants Tencent Holdings (OTC: TCEHY) and Alibaba affiliate company Ant Group to help it develop a new "state-backed digital currency" -- i.e., a cryptocurrency -- to be dubbed the e-CNY (or electronic Chinese yuan).

Source Fool.com

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