Alibaba has announced it will not allow Bitcoin related listings on its marketplace websites.
Just over a month after the Central Bank of China released their warning and restrictions on Bitcoin and local exchanges, Ecommerce firm Alibaba announced restrictions on their merchants dealing with Bitcoin. An announcement was released yesterday on Alibaba’s Taobao marketplace stating from January 14th all Bitcoin activities will no longer be allowed.
“In the interest of consumer protection, Taobao Marketplace has banned the listing or sale of Bitcoins over the platform,” said an Alibaba spokeswoman.
While the primary payment option on Alibaba’s Chinese websites Taobao and TMall is their own Alipay payment service, some merchants have listed they accept Bitcoin as a payment option, and also sell BTC through Taobao’s funds marketplace. The statement from Central Bank of China mentions Bitcoin circulation is not allowed in the Chinese marketplace. China’s main concern on the digital-currency involves money laundering and illegal activities.
Staying Ahead: How Brokers Are Approaching 2020Go to article >>
“Nor can, or should, it be circulated or used in the marketplace as a currency.“ an expert from the statement.
Taobao has over 760 million product listings and is raked on Alexa’s top 20 most visited websites in the world. Taobao with sister site TMall, together completed $5.75 billion in transactions in less than 24 hours during China’s single’s day.