The Sale of Crypto Miners Has Been Prohibited on Alibaba

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Alibaba, a Chinese e-commerce firm, 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 barred from selling technology and software, as well as lessons and tactics, as a result of the restriction.

Alibaba will also ban the sale of cryptocurrencies, including Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, although it does not appear that cryptocurrency is currently sold on the site.

The corporation cited several rules as the basis for its bans, 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, including the country’s decision to prohibit most bitcoin transactions and access to cryptocurrency exchanges.

In October, enforcement will begin.

The new regulation, according to Alibaba, will go into effect on October 8. However, several mining goods are still featured on the site right now.

Delistings, point deductions, website limitations, and account cancellations will be used to implement the policy.

Despite Alibaba’s decision to stop selling bitcoin miners, the company may invest in cryptocurrencies. In May, it was speculated that it would invest $20 million in Bitcoin, although this was never verified.

In June, its subsidiary, Alipay, began coordinating the sale of non-fungible tokens (NFTs).

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