Alibaba, the Chinese e-commerce giant, has announced it will no longer allow the sale of cryptocurrency mining gear on its platform. The sales giant made the announcement yesterday via its official website. The move is a direct consequence of the latest ban the Chinese government has applied to cryptocurrency trading and mining. Other institutions and exchanges have also been affected.
Alibaba bans sales of minors ASICs
Alibaba, one of the largest sales companies in China, has announced plans to ban the sale of cryptocurrency miners and cryptocurrencies themselves on its platform. The company explained this is a consequence of several circulars and decisions taken by the People’s Bank of China, stating:
Alibaba.com will ban the sale of virtual currency minors in addition to the ban on selling virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum.
The company will terminate two of its product categories to apply this ban — Blockchain Miners and Blockchain Miner Accessories. The ban, which is expected to be enforced on October 8, could affect retail sales across Asia, due to the existence of Aliexpress and Lazada, subsidiaries that extend Alibaba’s domain across the continent. .
Penalties Announced
To make sure users comply with the new policy, Alibaba announced a series of measures to penalize the sale of these articles on its platforms. The company pointed out that in order to penalize anyone who circumvents these rules, placing cryptocurrency products in other categories, it will remove or remove the listed products, deduct points, restrict the use of website functions, and close accounts.
The move by Alibaba results from the stance financial authorities in the country, including the People’s Bank of China, have been developing against cryptocurrencies for many years now. Nonetheless, it was the latest crackdown that had a more serious impact on companies and major industry stock exchanges.
Huobi, one of the leading exchanges in Asia, is not letting Chinese users register new accounts on its platform, and it declared that it will close the accounts of existing China-based users. As Alibaba is one of the largest e-commerce sites in the world, the impending ripple effects of the newly implemented measures are difficult to predict.
