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Alibaba to block cryptocurrency mining equipment's sales on its platform

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Shivangi Mujumdar Follow

INDIA

Oct, 06 2021

Oct, 06 2021

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Alibaba- the e-commerce giant said that it will stop proposing foreign sales of crypto mining machines. As per the company, the decision is in line with the newest ban issued by the Peoples Bank of China. The announcement from the Chinese government prohibits all crypto-related doings in the country.

On the other hand, Alibaba says its decision is also founded on the insecurity of crypto laws and regulations all over the world and not only on China’s policy.

Two groups will be shut down:

Apart from the prohibition on crypto rigs, Alibaba will be prohibiting the sale of crypto assets on its policy, including Quarkcoin, Bitcoin (BTC/USD), and Litecoin (LTC/USD). The firm has given till October 15 for any merchant entry such products to delist them or face penalties.

Alibaba accomplishes numerous platforms in China and it looks the company is cautious not to step on the toes of the Chinese government. The firm is after the used goods marketplace Xianyu and the prevalent Taobao platform. It also functions on other international online shopping platforms like Southeast Asia’s Lazada and Aliexpress.

Chinese e-commerce giant Alibaba stated on Monday that, commencing on October 8, "it will stop the sales of cryptocurrency mining tools on its platform". Per a law statement, Alibaba cited the fresh statements from China's central bank and other oversight bodies in the country that amounted to a transformed crackdown on cryptocurrency activities.

Alibaba also mentioned that it would nearby two sales groups related to mining. China's crackdown on mining initiated in earnest earlier this year, follow-on in the exit of some mining firms from the country. The lockout seems to be accelerating speedily, as shown by developments like the service closure of Hangzhou-based Sparkpool, an Ethereum mining pool company.

Exchanges like Binance and Huobi have also progressed to check service access in the wake of the Chinese regulatory transfers.

Penalty begins from October:

Alibaba also manages various related platforms in China including Xianyu used goods marketplace and the Taobao stands. In Southeast Asia, it works on Aliexpress and Lazada. Still, there is no word yet on how these objects will handle crypto mining equipment.

PBOC Starts Corporations Out Of BTC:

Alibaba has previously been down the crypto-ban road formerly. Back in 2018, all crypto-related products, like blockchain-based services and BTC mining guides, like digital pets and ICOs were disqualified from Alibaba’s online marketplace Taobao. Why? The People’s Bank of China had decided to outlaw ICOs in 2017.

Likewise, this time around, Alibaba’s choice to shut all its crypto shops stops from the PBOC’s reheating that repeats the country’s. It is an anti-Bitcoin stance and ends all loopholes by deeming any crypto-related action illegal. The statement has extinguished all hopes for several crypto traders and exchanges working in the country. Both Binance and Huobi, two of the major crypto exchanges in the world, have replied by determining to end all crypto actions in the country by the end of the year.


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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