China has stepped up its crackdown on crypto activity, which has made it difficult for users to access cryptocurrency services in the country
Alibaba, one of the world’s leading e-commerce platforms, has announced that it will ban the sale of cryptocurrency miners on its platform from October. The company announced this latest development yesterday in a blog post.
According to the company, the recent announcement by the People’s Bank of China (PBoC) is the reason why it is blocking the sale of crypto mining equipment on its platforms. Alibaba said that after carefully evaluating the laws and regulations governing cryptocurrencies and relevant products in China and other international markets, it will ban the sale of virtual currency miners on its platforms from October 8.
Also, Alibaba will block the sale of cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), BeaoCoin, QuarkCoin and Ethereum (ETH) on its platforms. Alibaba will also ban the sale of guides, strategies and software that teach people how to buy or mine cryptocurrencies.
After this decision, Alibaba said that it will close two categories on its platform. These are the subcategories Blockchain Miners and Blockchain Miner Accessories in the Blockchain Miners category of consumer electronics.
China has been cracking down on cryptocurrencies in recent months. Earlier this year, the provinces of Anhui and Sichuan banned cryptocurrency mining, forcing miners in China to move to other countries, including Kazakhstan and North America.
Last week, the PBoC announced that trading any type of cryptocurrency is illegal in China. This has prompted some companies to discontinue their services in the Asian country.
The leading crypto exchange Huobi announced a few days ago that it would close the accounts of users from mainland China. Sparkpool, one of the leading Ethereum miners in China, also announced that it is closing all Chinese accounts on its platform. Therefore, it will be almost impossible for Chinese users to gain access to cryptocurrency services, as the authorities have imposed numerous sanctions.