The sale of Crypto mining rigs will be blocked from October 8, 2021, on the e-commerce giant of China, Alibaba. Announcement added that decision was made due to renewed crackdown of China on crypto.
The Crypto market has suffered at the hands of China and is suffering now as well. China has anti-crypto stance since the start but common people were attractive the most. China was handling 65% of total Bitcoin mining but has banned it earlier this year, crypto market got a real hit from this. Now, the central bank is announcing another renewed crackdown on the market.
Crypto mining rigs will not be sold on Alibaba:
Recent statements of the PBOC (People’s Bank of China) are making things hard for the crypto although these statements are a reiteration of what they have been saying in the past. Alibaba, the e-commerce giant of China has decided to block the sales of Crypto mining rigs on its platform. A notice was released by Alibaba saying:
After a thorough evaluation, taking into account the instability of laws and regulations on virtual currencies and relevant products in various international markets, Alibaba.com 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, which include but are not limited to:
1) Hardware and software used to obtain virtual currencies such as Bitcoin miners.
2) Tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining.
Alibaba further added that they will also be closing two sales categories related to mining. The crackdown by Chinese authorities is still going on because recently, they have shut down Ethereum mining pool company in Hangzhou. Due to the Chinese move on crypto mining rigs and mining, the firms like Binance and Houbi have blocked their services in the Country.