19th Ave New York, NY 95822, USA

Alibaba Subsidiary Taobao Bans Cryptocurrency List and ICO Services

Join our community of 10,000 traders on Hacked.com for only $ 39 a month

Taobao, often known as the eBay of China, has updated its policy banning Cryptocurrencies , ICO and other virtual services related to currencies. . Taobao is a subsidiary of Giant Chinese e-commerce giant Giant Alibaba established in 2003 where individuals and small businesses can list items for sale in China.

Taobao previously banned the sale of Cryptocurrency Miners and offered Mining Tutorials. On top of that, they have now banned any product or service that uses the Blockchain. The new rule prohibits services related to cryptocurrency, including ICO Consultancy, White Paper Writing Services, intelligent contract deployment services and other technical services related to cryptography. It also prohibits the sale of virtual assets based on the chain of blocks such as CryptoKitties and their many clones. These new rules will be valid from April 17th.

Taobao cited recent bans by the People's Bank of China behind the crackdown. In September last year, PBoC banned all ICOs and at the beginning of this year, they banned Cryptocurrency itself. Although there is not yet a ban on mining, most miners are looking to move their services overseas.

Taobao considers that the violation of these new rules is a serious violation and has put in place a system of penalties to penalize those who do not follow. After the PBoC banned ICOs last year, most advertisers were able to circumvent this ban by changing the spelling. For example, they write ICO as IC0 where they change the & # 39; O & # 39; in "0 & # 39; (zero).

Although China has been extremely hostile to cryptocurrencies, most traders are optimistic about a change in position in the coming months. In fact, the new director of PBoC, Yi Gang, said that "Bitcoin is a currency that provides freedom to anyone who uses it," and pointed out that cryptocurrency is transparent.

Although Taobao has banned all services related to Blockchain, there is no Blockchain ban in China. In fact, the Chinese government has been extremely optimistic about Blockchain technology. A $ 1 billion Blockchain fund has just been launched, which is supported by the government to invest in Blockchain startups. In addition, PBoC filed the largest number of Blockchain patents in 2017.

Image from Shutterstock to photo

Follow us on Telegram.

Leave a comment