Alibaba Stops Selling Cryptocurrency Mining Equipment

Alibaba, the Chinese e-commerce giant, announced it will block sales of cryptocurrency mining equipment by next month.

On September 27, Alibaba published a rule that says it would stop selling cryptocurrency mining equipment on its platform beginning October 8.

According to the Chinese e-commerce giant will take effect on October 8, 2021. So, it reminds members of compliance problems in listing products and managing transactions. Thus, members should comply with relevant laws and regulations suitable to any country of sale.

The announcement comes after recent China's saga on Bitcoin and cryptocurrency crackdown and trading. In the notice, Alibaba said,

"[A]fter thorough evaluation, taking into account the instability of laws and regulations on virtual currencies and relevant products in various international markets, will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum."

The company also added that the prohibition includes but is not limited to hardware and software used to obtain virtual currencies such as Bitcoin miners. And strategies, tutorials, and software for obtaining digital assets such as tutorials on mining.

Furthermore, the firm also closed consumer electronics, blockchain miners, blockchain miner accessories category. Also, the company closed the consumer electronics, blockchain miners, blockchain miners category.

In addition to this, Alibaba also says they will keep track of policy changes in every country and adjust their control policies accordingly.

However, in case of violations of this rule, said it will punish according to the severity of the violations. This includes removing or deleting products, restricting website functions, deducting points, and closing accounts.