Alibaba to Stop Selling Cryptocurrency Mining Machines.
The company stated that it was following the PBoC guidelines issued on Friday, but that it was also aware of worldwide crypto regulatory instability.
Alibaba, the world's largest e-commerce company, will stop selling specialist mining equipment on its platforms on October 8.
- Alibaba announced its decision on Monday in response to the most recent People's Bank of China policy circular on cryptocurrency trading, as well as a 2017 circular. The notification, signed by some of China's top financial regulators and released on Friday, prohibited any cryptocurrency trading activity in the nation.
- However, the corporation stated that it is also considering the “instability of rules and regulations” on cryptocurrency around the world.
- Alibaba will discontinue two product categories: "Blockchain Miner Accessories" and "Blockchain Miners."
- In addition to a restriction on mining rigs and related accessories, the e-commerce giant stated that it is pursuing a ban on the sale of cryptocurrencies such as bitcoin, litecoin, beaocoin, quarkcoin, and ether.
- Any merchants that list such products on its platforms after October 15 will face penalties.
- In China, Alibaba operates many platforms, including Taobao and the used goods marketplace Xianyu. However, it is also the group behind international online shopping sites such as Aliexpress and Lazada in Southeast Asia.
- China's crackdown on cryptocurrency mining and trade began in May, following a State Council declaration, although it was primarily left to provincial and municipal officials, with no publicly disclosed comprehensive strategic framework. Friday's policy guidelines left no room for interpretation, prohibiting all crypto transactions and stating unequivocally that mining will be phased out.
