Chinese ecommerce giant Alibaba will drop bitcoin mining equipment offers from its platform and the People’s Bank of China (PBoC) will ban their future sales after a new and strong ban on bitcoin and cryptocurrency on September 24th.
“Alibaba.com will ban the sale of virtual currency mines and the sale of virtual currencies such as Bitcoin. [and] Tutorials, strategies and software for getting virtual currency like mining tutorials, ”the company said yesterday.
In addition to strict measures to prevent customers from gaining insights on how to acquire BTC and other cryptocurrencies, Alibaba will close two sections of its platform, “Blockchain Miners” and “Blockchain Miner Accessories”. Traders who try to sell bitcoin miners or related products on the Alibaba platform will face penalties.
“Alibaba.com will impose fines according to the severity of violations, including malicious breaches of rules, intentionally misleading product information, intentionally placing products in inappropriate sections, and tampering with false positives, including but not limited to removing or deleting products. Use of website functions is limited, and accounts are closed, ”the company details.
Alibaba owns and operates many online platforms in China, in addition to the more prominent Aliexpress ecommerce store. Other online venues run by Alibaba Group include Taobao, Used Products Market Xianu and Lazada in Southeast Asia. The new rules will apply to all platforms owned or operated by Alibaba.
China has been trying to ban bitcoin since 2013, just a few years after the birth of the peer-to-peer (P2P) network. Subsequent constant new efforts were simply a demonstration of how it could not do it and it would not be able to move it forward. Regulated entities like Alibaba and Bitcoin exchange Huobi will definitely come out, but P2P markets will prosper, like Nigeria. Still, China’s ban is good for bitcoin.