ALIBABA Curbs Sale of Crypto Equipment for Users
In response to the government’s latest warning against crypto mining and trading operations within China, the e-commerce giant Alibaba has decided to delist all selling options related to Bitcoin mining equipment on its platform.
On September 24, 2021, the People’s Bank of China (PBoC) issued a renewed ban on Bitcoin and cryptocurrency trading across the country. Following the guidelines of the order, the management authorities of Alibaba have decided to stop the sale of crypto mining equipment with immediate effect and have agreed to exercise the ban in the future too. The firm has prohibited the sale of mining equipment as well as virtual currencies on its global handles. The portal will no longer support the sale of or access to virtual currencies, tutorials, hardware, and software for mining, strategies, etc. to customers.
According to the report, Alibaba has introduced stringent norms to restrain investors from figuring out ways that could help them acquire Bitcoin and other crypto tokens. The firm will delist two categories on its portal named ‘Blockchain Miners’ and ‘Blockchain Miner Accessories’ to support the government’s decision to curb crypto dealing in China.
The merchants found guilty of selling equipment to miners or any other related products shall be penalized by the company. The malpractices likely to be fined shall include avoidance of the new company rules, presenting dubious information, falsely highlighting products, or deliberately placing products into wrong sections, etc. The defaulters will be punished according to the severity of their faults. The firm proposes to remove products, deduct points, curb website access, or close accounts of those violating rules.
The Alibaba Group is a prominent platform for e-commerce across the globe. In China, the brand operates multiple online portals like the South-East Asian venture, Lazada, alongside the Aliexpress store chain. The new guidelines will apply to all these portals owned by the Alibaba team. The authorities in China are taking stringent steps to shut stop crypto dealing within the country by issuing constant warnings to users and involved entities.