According to the announcement released on the official website of Alibaba, the company has evaluated the volatile nature of laws regulating the use of digital assets and cryptocurrencies and decided to prohibit the sale of cryptocurrency mining rigs in addition to a complete ban on virtual currencies on the company's platforms, including Bitcoin, Litecoin and Ethereum.
The company will completely prohibit the selling of hardware or software that is being used to mine or obtain cryptocurrency in any way. In addition to products themselves, Alibaba will stop selling manuals or tutorials related to the digital assets industry.
Alex DovbnyaWhile posting the announcement on Sept. 27, 2021, it will take effect only after Oct. 8. All the members on the platform must comply with the law and stop listing the mentioned products. The company stated that it will keep track of policy and law changes in the country and may change its decision accordingly.
Alibaba will impose penalties on individuals who try to bypass the updated rules by posting confusing product information, using fake promotional materials or placing it under unsuitable categories or sub-categories.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya