Alibaba suspends sale of cryptocurrency mining hardware on its platform –

Alibaba, the Chinese e-commerce giant, has announced that it will no longer allow the sale of cryptocurrency mining equipment on its platform. The sales giant announced this yesterday via its official website. The move is a direct result of the recent ban imposed by the Chinese government on cryptocurrency trading and mining. Other institutions and stock exchanges are also affected.

Alibaba Bans ASIC Miner Sales

Alibaba, one of the largest sales companies in China, has announced it intends to ban the sale of cryptocurrency miners and cryptocurrencies themselves on its platform. The company said this was a result of several circulars and decisions from the People's Bank of China, stating:

Alibaba.com will ban the sale of virtual currency miners in addition to banning the sale of virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin and Ethereum.

The Company will be terminating two of its product categories to apply this ban – Blockchain Miners and Blockchain Miner Accessories. The ban, set to take effect on October 8, could potentially impact retail across Asia due to the existence of Aliexpress and Lazada, subsidiaries that are expanding Alibaba's domain across the continent.

Penalties announced

To ensure users comply with the new policy, Alibaba announced a series of measures to penalize the sale of these items on its platforms. The company emphasized that in order to punish anyone who circumvents these rules, it would reclassify cryptocurrency products into other categories, remove or delete the listed products, deduct points, limit the use of website features and close accounts.

Alibaba's move follows the stance of the country's financial authorities, including the People's Bank of China, which has been opposed to cryptocurrencies for many years. Still, it was the latest crackdown that had a more serious impact on key companies and exchanges in the industry.

Huobi, one of the leading exchanges in Asia, is not let Chinese users are registering new accounts on its platform and announced that it would close the accounts of existing users based in China. Since Alibaba is one of the largest e-commerce sites in the world, the impending impact of the newly implemented measures is difficult to predict.

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