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Alibaba to Stop Selling Crypto Mining Machines
The company said it was following Friday’s PBoC guidelines, but also taking note of global crypto regulation instability.
Updated May 11, 2023, 7:05 p.m. Published Sep 28, 2021, 4:09 p.m.
E-commerce giant Alibaba will stop selling specialized mining equipment on its platforms on Oct. 8.
- Alibaba said Monday its decision was in response to the latest People’s Bank of China policy circular on crypto trading as well as a 2017 circular. The notice, signed by some of China’s top financial regulators and published on Friday, banned all crypto trading-related activities in the country.
- But the company said it is also taking into account the “instability of laws and regulations” on crypto around the world.
- Alibaba will shut down two categories: “Blockchain Miner Accessories” and “Blockchain Miners.”
- The e-commerce giant said that in addition to a ban on mining rigs and related accessories, it is also pursuing a prohibition on the sale of cryptocurrencies including bitcoin, litecoin, beaocoin, quarkcoin, and ether.
- Any merchants that list such products on its platforms after Oct. 15 will face penalties.
- Alibaba operates several platforms in China, including Taobao and used goods marketplace Xianyu. But it is also the group behind international online shopping platforms including Aliexpress and Southeast Asia’s Lazada.
- China’s crackdown on crypto mining and trading started in May after a State Council statement, but it was mostly left up to provincial and city authorities, with no publicly available comprehensive policy plan. Friday’s policy guidelines leave no room for interpretation, outlawing all crypto transactions and clarifying that mining is to be eliminated.
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