On the website of Chinese tech-generation Alibaba information appeared that from October 8, its e-commerce platforms will be banned by the sale of equipment for mining cryptocurrency. In addition, the site will no longer be available software and training materials that help the production of digital money producing.
The site indicated that the prohibition would spread to all devices and textbooks associated with Bitcoin mining, Ethereum, Litecoin, Beaocoin, Quarkcoin and other cryptocurrency. Alibaba explained to the decision of China to ban digital money in the country, as the cryptocurrency provokes “financial risks” in the state economy. On September 24, the People’s Bank of China (analogue of the Central Bank) stated that trade services, comparison of orders (compared of applications for the purchase and sale of securities in the stock market), the production of tokens and derivatives (future price contracts) for cryptocurrency strictly prohibited.
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Alibaba promised to track legislative changes regarding the cryprotes in each country and adjust the “control policy” on their platforms accordingly. The company also warned that for intentional evasion from the rules, distortion of product information and placement of goods in improper categories of sellers will be punished with fines or removal of their goods from the site. Alibaba also threatened violators to write off points, limiting the use of site functions and closing accounts.
Before the prohibition of all cryptocurrency activities in the territory of the country, the Chinese authorities opened the hunt for “underground” miners cryptocurrency, who give themselves to the processing and storage specialists. The administration of one of the major provinces stated that the increase in energy consumption related to the work of cryptophers does not correspond to the goals of China to reduce emissions.
At the same time, the PRC ordered to block popular services to track information about digital currencies. In addition, the world’s largest cryptobirries took into account the requirements of Chinese regulators and closed the country’s citizens with access to the creation of new accounts on their sites.