Chinese Company Alibaba Bans Sales of Cryptocurrency Miners

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Chinese Company Alibaba Bans Sales of Cryptocurrency Miners

Chinese technology giant Alibaba announced today that it would prohibit the sale of all goods and services related to cryptocurrency mining. This decision comes after the People’s Bank of China announcement that all crypto-related transactions are illegal.

Alibaba is China’s biggest e-commerce platform and generally a huge technology influencer. The official company announcement came after the People’s Bank of China, the official financial institution of China, decided to make all crypto-related transactions illegal. 

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Alibaba announced that all crypto-related sales would be treated as sales of illegal items starting on October 8, 2021. The mandate covers all virtual currency miners and services related to virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, Ethereum, and others.

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