Alibaba to Stop Selling Crypto Mining Machines amid China’s Crackdown

Alibaba, the largest online retailer in China, has announced that it will stop selling cryptocurrency mining hardware in the wake of the latest Chinese government’s crackdown on the industry. According to a press release published by the publicly-listed company, the prohibition covers crypto-related software, tutorials and strategies.

Last Friday, the People’s Bank of China (PBoC) said that all companies offering token issuance, trading, derivatives and order matching for digital assets are banned. The central bank argued that it seeks to ‘eliminate’ hype and remove speculation to protect the Chinese population from the crypto market.

Also, the ‘Notice on Further Preventing and Disposing of the Risk of Hype in Virtual Currency Trading’ highlighted that staff of overseas crypto exchanges operating in the country, including those who work for customer support departments, will be subject to investigations. Alibaba noted that the measure will take effect on October 8, 2021.

“The platform reminds members of Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term issues in listing products and handling transactions. Members have responsibility for complying with relevant laws and regulations applicable to any country of sale. We will keep track of policy changes in each country and adjust our control policies accordingly,” the online retailer added.

Categories to Be Removed from the Store

That said, ‘Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Miner Accessories’ and ‘Blockchain Miners’ categories in Alibaba’s website will be closed after the deadline is given by the publicly-traded Chinese firm. Moreover, the platform warned: “For violations such as maliciously evading rules, deliberately confusing product information, intentionally placing products into improper categories, falsely exaggerating products, Alibaba.com will impose penalties according to the severity of the violations, which include but are not limited to removing or deleting products, deducting points, restricting the use of website functions and closing accounts.”

The latest crackdown, issued in the form of a Q&A-style announcement, was pursued by other domestic regulators such as the Cyberspace Administration, the Supreme People’s Court, the Ministry of Industry and Information Technology (MIIT), the Ministry of Public Security (MPS), the General Administration of Market Supervision, the China Banking and Insurance Regulatory Commission (CBIRC) and the China Securities Regulatory Commission.