Chinese e-commerce giant Alibaba has announced that it will no longer allow the sale of cryptocurrency mining gear on its platform. The seller made the announcement yesterday through its official website. The Chinese government is a direct step towards the latest ban on cryptocurrency trading and mining. Other institutions and exchanges have also been affected.
Alibaba has banned the sale of ASIC Minor
Alibaba, one of China’s largest retailers, has announced that it wants to ban the sale of cryptocurrency miners and cryptocurrencies. The agency explained that it was the result of a series of notices and decisions taken by the People’s Bank of China, which stated:
Alibaba.com will ban the sale of virtual currency mining as well as the sale of virtual currencies such as Bitcoin, Lightcoin, Biocoin, Quarkcoin and Etherium.
To enforce the ban, the company will close two of its product divisions – Blockchain Miners and Blockchain Miner Accessories. The ban, which will take effect on October 8, is likely to affect retail sales across Asia due to Alipress and Lazada, Alibaba’s domain-extending subsidiaries across the continent.
Punishment has been announced
To ensure that users comply with the new policy, Alibaba has announced punitive measures for selling these articles on its platform. The company insisted that in order to punish anyone who violates these rules, to place cryptocurrency products in other categories, it would remove or delete listed products, cut points, restrict the use of website functions and close accounts.
Alibaba’s move against the position of the country’s financial authorities, including the People’s Bank of China, has been evolving against cryptocurrency for many years. Nonetheless, it was the latest crackdown that had a more serious impact on important company and industry exchanges.
Hubi, one of Asia’s main exchanges, is not allowing Chinese users to register new accounts on its platform and has announced that it will close existing China-based users’ accounts. Since Alibaba is one of the largest e-commerce sites in the world, it is difficult to predict the impending wave effect of the newly implemented measures.
What does Alibaba think about banning the sale of cryptocurrency minors on its platform? Tell us in the comments section below.
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