After China’s crackdown on cryptocurrencies, many companies in the country have stopped offering products and services related to it. Recently, E-commerce giant Alibaba has stated that they will stop selling crypto mining equipment on their platforms.
The company gave this decision yesterday on their website. This decision comes after the latest People’s Bank of China policy circular on crypto trading. With that circular, the country has effectively banned all crypto trading-related activities in the country.
While Alibaba did not give a reason for the move, they took into the account “instability of laws and regulations” on crypto mining around the world.”
With this decision, the e-commerce giant will shut down two categories: “Blockchain Miner Accessories” and “Blockchain Miners.” Also, the company will pursue the prohibition on the sale of crypto including bitcoin, Litecoin, beaocoin, quarkcoin, and ether.
Meanwhile, Alibaba has stated that the decision will take effect on its platforms on 8th October. Moreover, merchants have to remove such equipment from the platform before 15th October.
The e-commerce website operates multiple platforms in China, including Taobao and used goods marketplace Xianyu. Moreover, it is also the group behind international online shopping platforms including Aliexpress and Southeast Asia’s Lazada.
China’s crackdown on crypto started way back in May after a State Council statement. However, there was no publicly available comprehensive policy plan. Moreover, provincial and city authorities had the say in deciding regarding the stance of crypto.
However, the latest guidelines leave no room for interpretation. In fact, the policy plan simply stipulates that no mining and crypto transactions should occur.