Along with cryptocurrencies, the selling of associated accessories has been prohibited. Alibaba, a Chinese e-commerce giant, has prohibited the selling of bitcoin miners on its platform. Alibaba is discontinuing two product categories.
According to Alibaba, two categories will be discontinued: blockchain miners and blockchain miner accessories.
Sellers will be banned from selling technology and software, as well as lessons and tactics, as a result of the restriction.
Alibaba would also prohibit the selling of cryptocurrencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, despite the fact that no cryptocurrency seems to be offered on the site at the moment.
The business cited a number of laws as the basis for its restrictions, including the Notice Concerning the Prevention of Risks Associated with Bitcoin issued in 2015 and the Announcement on Preventing Financial Risks from Initial Coin Offerings issued in 2017.
The incident is the latest in a slew of Chinese crackdowns, which include the country's decision to prohibit most bitcoin transactions and access to cryptocurrency exchanges.
The Enforcement Process Will Begin In the month of October,
The new regulation, according to Alibaba, will go into effect on October 8. Several mining goods are still featured on the site right now.
Delistings, point deductions, website limitations, and account cancellations will all be used to implement the policy.
Despite Alibaba's decision to stop selling bitcoin miners, the company may invest in cryptocurrencies. It was reported in May that it will invest $20 million in Bitcoin, although this was never verified.
In June, its subsidiary, Alipay, started coordinating the sale of non-fungible tokens (NFTs).
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