Home News Alibaba to ban crypto miner sales amid Chinese crackdown

Alibaba to ban crypto miner sales amid Chinese crackdown

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Alibaba to ban crypto miner sales amid Chinese crackdown. From October 8, 2021, the Chinese online commerce giant Alibaba will ban the sale of equipment for mining Bitcoin (BTC) and other cryptocurrencies on its platform.

Thus, in its decision, the company referred to the efforts of regulators and supervisory authorities in China. In accordance with the “prevention of risks associated with ICO, and the relevant laws and regulations”.

“Taking into account the instability of laws and regulations concerning virtual currencies and related products in various international markets. Alibaba will prohibit the sale of miners in addition to banning the offer of digital assets themselves. Such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin and Ethereum,” the trading platform said in a statement.

The platform will eliminate two subcategories

According to the notification, the ban applies, but is not limited to: hardware and software for mining virtual currencies, such as Bitcoin miners; textbooks, strategies and software for obtaining cryptocurrencies. For example, mining manuals.

Since October 8, the platform will eliminate two subcategories in the Consumer Electronics catalog section: blockchain miners and accessories for them.

In addition, Alibaba warned users that attempts to circumvent the ban could face sanctions, including fines and account closure.

Trillion-dollar mistake

Recall that on September 24, the People’s Bank of China (PBOC) maintained its negative attitude to private digital assets. According to the regulator, they threaten the financial system with rapid development.

In May, the authorities of the country announced the adoption of measures regarding the mining and trading of cryptocurrencies. Later in June, Chinese banks were banned from participating in transactions related to digital assets.

The CEO of MicroStrategy, Michael J. Saylor, called the persecution of mining in China “a trillion-dollar mistake”. And the founder of Galaxy Digital, Mike Novogratz, “a big plus” for the industry. The head of Circle company, Jeremy Allaire, called on the United States and Western countries not to be like China in terms of regulating cryptocurrencies.

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