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Alibaba to Ban Sale of Cryptocurrency Mining Equipment on Its Platform

CC BY 2.0 / Marko Ahtisaari / Bitcoin mining
Bitcoin mining - Sputnik International, 1920, 29.09.2021
MOSCOW (Sputnik) - Chinese e-commerce giant Alibaba has decided to ban the sale of cryptocurrency mining equipment on its platform, the company said on Monday.
"Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition of sale of virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum," Alibaba said in an official statement.
Alibaba clarifies that the restrictions are related to the tightening of policy on cryptocurrencies by the Chinese government. The ban will also include hardware, software, tutorials, strategies used to obtain virtual currencies, as well as tutorials.
The ban will go into effect on 8 October 2021. Alibaba will impose fines on sellers for evading regulations and deliberately misrepresenting a product and, depending on the seriousness of the violation, restrict their activities on the platform, including blocking the account.
This April 3, 2013, file photo shows bitcoin tokens in Sandy, Utah. Unidentified hackers broke into the Twitter accounts of technology moguls, politicians, celebrities and major companies Wednesday, July 15, 2020, in an apparent Bitcoin scam - Sputnik International, 1920, 24.09.2021
Bitcoin, Ethereum Fall as China Declares All Cryptocurrency-Related Transactions Illegal
Alibaba Group was established in 1999 by businessman Jack Ma. It includes several subsidiary companies such as Alibaba Pictures, Alibaba.com, AliExpress.com, Taobao.com, and Tmall.com.
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