Alibaba Bans Bitcoins

Jan. 9, 2014

masterpass-eur Chinese e-commerce giant Alibaba Group yesterday indicated it’s Taobao Marketplace would no longer permit Bitcoin or Bitcoin mining hardware and software to be sold on the site starting Jan. 14. The move comes after China’s central bank in mid-December prohibited financial institutions in the country from facilitating Bitcoin transactions.

“In order to better promote the healthy development of Taobao Marketplace and effectively safeguard interests of Taobao members, Taobao will adjust its management practices on prohibited goods according to related state laws and regulations,” Taobao said in a statement on its website. “Newly added rules include a ban on sales of Internet virtual currencies like Bitcoin and Litecoin.”

Taobao said the trading ban also applied to tutorials on how to mine virtual currencies.