October 21, 2021

Chinese E-Commerce Giant Announces To Stop Crypto Business

China has become the global name in the world of cryptocurrency as the no-go zone. Up until last year, the place was considered a haven for the crypto miners due to cheap costs of electricity, real estate, and commercial registration costs. However, this year, China has decided to change its friendly stance towards the crypto industry.

The new policies of the Chinese government have coerced many miners and exchanger services providers to move out of the country. Many mining farms have shifted their entire business to another state and under a different jurisdiction. Alibaba is one of the biggest e-commerce enterprises in the world that is based in China. The company has recently told the media that they are planning to stop crypto-related business starting next month.

Bitcoin Mining Is Now Impossible In China

The government of China has not limited its crypto-related ban to the mining industry only. The intelligence agencies have also blocked access to the crypto exchange sites on the local search engines and social media networks. The government is also planning to prosecute the currently available platforms in the region to limit their operations as much as possible.

The biggest crypto exchanges in the world like Huobi and Binance have also announced recently that they are going to restrict their services for the citizens of China about the limitations imposed by the government. The author of Rich Dad, Poor Dad Robert Kiyosaki, claims that China is planning to make way for their CBDC or the digital Yuan by discouraging alien digital assets.

The spokesperson for Alibaba recently told the media about their new stance on crypto mining-related equipment from next month. The new policy would delist any mining transaction that involves virtual currencies like Litecoin, Bitcoin, Quarkcoin, Ethereum, and BeaoCoin. The e-commerce platform will not allow any educational content regarding crypto mining on its platform.

All the content like manuals, descriptions, and tutorials that are directed towards crypto mining are going to be removed. In addition, the platform is also going to discard the two dedicated categories that are related to crypto mining related products. During the recent crypto crackdown, a major ETH mining organization called SparkPool has also migrated from the Asian country.