Alibaba has announced that it will block the sale of crypto mining equipment and cryptocurrencies on its platforms from October 8, in line with China’s recent general ban on all crypto-related transactions.
As we previously reported, the central bank of China declared all cryptocurrency-related transactions illegal on September 24 and said that overseas exchanges are prohibited from serving citizens in China. The cryptocurrency market fell a bit following the news, but remained calm compared to previous bans. In addition to these bans, Alibaba also imposed bans on its crypto-related services.
The Chinese e-commerce giant said it took into account the “instability of laws and regulations regarding digital currencies.” Therefore, it will also ban any form of training, strategy and software to acquire cryptocurrencies. Moreover, it will close two categories under its consumer electronics division – Blockchain Mining Accessories and Blockchain Miners.
“We will monitor policy changes in each country and adjust our control policies accordingly,” the company said in its announcement, signed by several Chinese top regulators. made the addition.
Alibaba also said that from October 15, users violating the new policies will face consequences such as deletion of their products or closure of their accounts.