Daily Management Review

Alibaba stops selling cryptocurrency mining equipment


China's largest internet company Alibaba's ban on the sale of cryptocurrency mining equipment on its platform comes into force on Friday.

The Conmunity - Pop Culture Geek
The Conmunity - Pop Culture Geek
As of Friday, Alibaba will impose fines and, depending on the seriousness of the violation, restrict activities on the platform, up to account blocking, for evading the rules and deliberate misrepresentation of product information.

Alibaba has previously clarified that the restrictions are linked to the Chinese authorities' stricter policy on cryptocurrencies. Hardware and software used to obtain virtual currencies, as well as tutorials, will also fall under the ban.

The People's Bank of China (PBOC) has warned that virtual currencies are not legal tender and that virtual currency-related activities are illegal. Providing any virtual currency exchange services to Chinese citizens online is also considered illegal financial activity, the Chinese Central Bank noted.

source: bloomberg.com