Alibaba, one of the world’s most valuable e-commerce companies, announced Monday that it will remove specialized cryptocurrency mining equipment from its marketplaces on October 8.
Alibaba announced its decision in response to the latest People’s Bank of China crypto trade policy circular as well as a 2017 edict, according to which all crypto trading-related activities were prohibited in China. The notice, signed by several of China’s top financial regulators and published on Friday, outlawed all crypto trading-related chores throughout the country.
The company also noted that the laws and regulations around the world on cryptocurrencies is instable.
Alibaba will stop selling devices in two categories, Blockchain Miner Accessories and Blockchain Miners. So the giant will continue selling GPUs and other computer equipments, just not mining rigs or machines.
In addition to a ban on mining rigs and related gear, the firm has also indicated an intention to forbid usage of cryptocurrencies including Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum.
After October 15, any merchant that sells these items on its platforms will be fined.
In May, China began a campaign to suppress crypto mining and trading after a State Council statement. However, with no public comprehensive policy plan, it was primarily left up to local and provincial authorities. The Friday guidelines make no room for ambiguity; all cryptocurrency transactions are now illegal, and crypto mining is expressly banned.
