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China’s massive online retailer that is Alibaba recently made it known that they will discontinue selling mining rigs for cryptocurrency. This follows the communist government’s recent ruling that made cryptocurrency trading in that country is illegal.
No longer selling crypto mining machines
Per Alibaba’s announcement, it was stated that pursuant to the circular of the People’s Bank of China alongside a plethora of government agencies involved, the e-commerce giant will be prohibiting the sale of virtual currency miners. In addition to the prohibition against selling cryptocurrencies like bitcoin (BTC), Litecoin (LTC), BeaoCoin, QuarkCoin (QRK), and Ethereum (ETH), which include but are limited to hardware and software used to get virtual currencies such as bitcoin miners and even tutorials, strategies and software for obtaining virtual currencies.
It is expected to come into force from October 8, 2021. Further, Alibaba reminds its members of compliance issues in listing products and handling transactions. The online retailer went on to state that penalties will be imposed provided that an Alibaba member violated the above-mentioned ruling.
Alibaba arms
This is definitely a significant blow to folks who are into crypto mining. However, it is worth noting that there are other online retailers out there like Aliexrpess and Lazada that can still sell those crypto mining machines and miners might resort to these online seller alternatives.
Crypto crackdown
The cryptocurrency community is well aware of China’s disgusto towards bitcoin, ethereum, and similar digital assets. It was even more evident on Friday as the Chinese government issued a total ban on crypto making it exceedingly difficult for crypto miners to carry out their operations in the country at any level.
One of the reasons that China cited was the environmental impact that was being brought about by mining digital currencies. That said, Bitcoin stans, on the other hand, insist that cryptocurrencies are not all bad. Some miners have begun taking the greener path as they look for eco-friendly ways to mine the said crypto. In line with this, it was also reported that there’s a recent plan to tap on the industry of nuclear energy.
Meanwhile, proponents of cryptocurrencies have pointed out that digital assets like bitcoin and ethereum know no borders, adding that the Chinese government can’t stop people from trading. However, it needs to be highlighted that a lot of people who are into crypto are interacting with an exchange. Not all of them have the keys to their wallets.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
