The repercussions of China’s widespread ban on cryptocurrencies and Bitcoin continue.
Finally, Chinese e-commerce giant Alibaba announced today that it will cease sales of cryptocurrency mining equipment from October 8th.
Alibaba used the following statements while citing the latest statements published by the People’s Bank of China as the reason for this action:
“After a thorough evaluation, considering the laws and regulations regarding virtual currencies and related products in various international markets, Alibaba.com will ban the sale of virtual currency mining equipment. Bitcoin, Litecoin, BeaoCoin, QuarkCoin and Ethereum, including but not limited to: 1) hardware and software used to mine virtual currencies such as Bitcoin miners; 2) mining equipment”
Unlike the previous ones, China’s latest repression policy affects all areas of life. Because the notice states that it is forbidden to mediate any transaction related to cryptocurrencies.
We will be following what other repercussions these bans will have. It is considered as a positive development that China will push the industry completely out of the country, causing fluctuations in the short term, but that there will be no threat like China in the long run.