The Chinese company will prohibit the implementation of not only the devices for the extraction of cryptocurrency, but also educational materials on this topic, as well as the corresponding software.
From October 8, Chinese e-commerce giant Alibaba will stop selling cryptocurrency mining hardware. The company stressed that they made this decision because of “unstable laws and regulations regarding virtual currencies and related products.” The ban will affect:
- cryptocurrency mining hardware such as bitcoin miners;
- training materials and software for mining.
Earlier, the authorities of Inner Mongolia province in China confiscated more than 10 thousand devices for mining cryptocurrency. To date, 45 sites for the extraction of digital assets have already been closed in the region.
In late May, Vice Premier of the State Council of the People’s Republic of China Liu He called for stricter regulation of mining and crypto trading.
After that, the authorities of local provinces began to prohibit the mining of cryptocurrency, and the crypto business began to leave the country.
Last week, the People’s Bank of China issued a statement to impose a complete ban on all cryptocurrency transactions. The services that crypto exchanges provide to residents of the country also turned out to be outside the law.
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