Policy & Regulation

Alibaba to ban sales of cryptocurrency mining equipment starting next month

  • Alibaba said it would block the sales of cryptocurrency mining equipment starting next month
  • The ban is a result of the recent policy changes in China
  • China has banned cryptocurrency mining, transactions and other crypto-related activities

China’s latest ban on cryptocurrency activities has seen companies begin to take action.

Alibaba to block crypto mining equipment sales

Chinese-based e-commerce giant Alibaba has announced that it will ban the sales of cryptocurrency mining equipment on its platforms starting next month. This is due to the tough regulations rolled out against cryptocurrency activities in China.

Alibaba announced this via a blog post yesterday, stating that the ban is due to the regulatory changes in China.

“After a thorough evaluation, taking into account the instability of laws and regulations on virtual currencies and relevant products in various international markets, Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, which include but are not limited to 1) Hardware and software used to obtain virtual currencies such as Bitcoin miners; 2) Tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining,” Alibaba said

The company added that the following two categories would be closed: Consumer Electronics > Blockchain Miners > Blockchain Miner Accessories and Consumer Electronics > Blockchain Miners > Blockchain Miners. The ban comes into effect on October 8, 2021.

China is cracking down hard on crypto

The Chinese government has increased its crackdown on cryptocurrencies in recent months. Various provinces in China have banned crypto mining activities, forcing the miners to move to other countries.

Last week, the People’s Bank of China said all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves will now be treated as illegal activities. As a result, Huobi, one of the leading crypto exchanges in the world, announced during the weekend that hat it would gradually retire existing accounts belonging to traders in mainland China.

Furthermore, Coinmarketcap and Coingecko, the two leading cryptocurrency data sites, have now been blocked by China’s internet firewall.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment

GET YOUR CRYPTO DAILY BRIEF

Delivered daily, straight to your inbox.