Wednesday, October 27, 2021

Alibaba will Stop Selling Crypto Mining Machines

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Alibaba which is one of the world’s largest e-commerce brands announced that it will stop the sale of crypto mining machines after China‘s decision on mining cryptocurrencies.

E-commerce giant Alibaba will stop selling specialized mining equipment on its platforms on October 8.

On Monday, Alibaba issued a statement stating that its decision is consistent with the People’s Bank of China’s most recent policy circular and the 2017 circular on crypto trading.

The notice was signed by some of China’s top financial regulators and published on Friday which allows to ban all crypto trade-related activities in the country. However, the company states it also takes into account the instability of laws and regulations related to crypto worldwide.

Alibaba will also close two categories; Blockchain Miner Accessories and Blockchain Miners.

In addition to banning mining rigs and related accessories, the e-commerce giant states that the company is planning to ban the sale of cryptocurrencies, including Bitcoin, Litecoin, Beaocoin, Quarkcoin, and Ether.

All sellers listing such products on their platforms after October 15 will be penalized.

China’s crackdown on cryptocurrency mining and trading began in May, following a State Council statement, but was mostly left to state and local officials in the absence of a comprehensive public policy plan. Friday’s policy guidelines leave no room for interpretation, stating unequivocally that all crypto transactions and crypto mining should be prohibited.

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