On website Chinese tech giant Alibaba has reported that from October 8, its e-commerce platforms will ban the sale of cryptocurrency mining equipment. In addition, the site will no longer be available software and training materials to help miners in the production of digital money.
The site indicated that the ban will apply to all devices and tutorials related to mining Bitcoin, Ethereum, Litecoin, BeaoCoin, QuarkCoin and other cryptocurrencies. Alibaba explained its decision by China’s decision to ban digital money in the country, since cryptocurrency provokes “financial risks” in the state’s economy. On September 24, the People’s Bank of China (analogue of the Central Bank) announced that services for trading, order matching (matching orders to buy and sell securities on the stock market), issuing tokens and derivatives (contracts on future price) for cryptocurrencies are strictly prohibited.
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Alibaba has promised that it will monitor the legislative changes regarding the crypto market in each country and adjust the “control policy” on its platforms accordingly. The company also warned that sellers will be punished with fines or removal of their products from the site for deliberately evading the rules, misrepresenting product information and placing items in inappropriate categories. Alibaba also threatened violators with deducting points, restricting the use of site features and closing accounts.
Even before the ban on all cryptocurrency activities in the country, the Chinese authorities opened a hunt for “underground” cryptocurrency miners who pretend to be data processing and storage specialists. A major provincial government has said the growth in energy consumption associated with the operation of crypto farms is not in line with China’s emission reduction goals.
At the same time, the PRC ordered the blocking of popular services for tracking information about digital currencies. In addition, the world’s largest cryptocurrency exchanges took into account the requirements of Chinese regulators and closed access to the country’s citizens to create new accounts on their websites.
source https://pledgetimes.com/alibaba-will-stop-helping-cryptocurrency-miners/
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