Menu
Alibaba Group halts bitcoin sellers on Taobao marketplace

Alibaba Group halts bitcoin sellers on Taobao marketplace

The ban follows stricter rules by China's financial regulators

Alibaba Group said in the interest of "consumer protection" it will no longer allow the sale of bitcoins on its Taobao marketplace, the largest in China.

Alibaba Group said in the interest of "consumer protection" it will no longer allow the sale of bitcoins on its Taobao marketplace, the largest in China.

Vendors on Taobao, China's largest e-commerce marketplace, will no longer be able to sell bitcoins following a ban by owner Alibaba Group, following stricter rules the country imposed last month around the virtual currency.

The ban is "in the interest of consumer protection," according to an Alibaba Group spokeswoman.

Bitcoin's price surged in late November on interest from China, going from around US$100 per bitcoin to more than $1,000. It promptly fell after China's financial regulators banned banks from dealing in bitcoin, saying it does not have the same legal status as currency.

The regulators also said the bitcoin is not issued by a central monetary authority and that transactions could be performed anonymously. The country has not, however, banned people from holding bitcoins.

No country has banned bitcoin, but many are studying how it fits into existing financial regulations with an eye to prevent money laundering or tax evasion

A search of Taobao showed a range of bitcoin-related items, from small quantities of the virtual currency to guides for how to "mine" bitcoins, or configure computers to become part of its peer-to-peer transaction network.

U.S. auction giant Ebay doesn't let buyers pay for goods in bitcoin, but people do sell bitcoins on its site. Ebay appeared to be investigating bitcoin, however, as it posted a video around September asking users their views.

Earlier this week, game developer Zynga said it is testing bitcoin for in-application purchases of virtual goods for seven games offered through its portal.

Send news tips and comments to jeremy_kirk@idg.com. Follow me on Twitter: @jeremy_kirk


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags internete-commerceInternet-based applications and servicesAlibaba Group

Featured

Slideshows

Looking back at the top 15 M&A deals in NZ during 2017

Looking back at the top 15 M&A deals in NZ during 2017

In 2017, merger and acquisitions fever reached new heights in New Zealand, with a host of big name deals dominating the headlines. Reseller News recaps the most important transactions of the Kiwi channel during the past 12 months.

Looking back at the top 15 M&A deals in NZ during 2017
Kiwi channel closes 2017 with After Hours

Kiwi channel closes 2017 with After Hours

The channel in New Zealand came together to celebrate the close of 2017, as the final After Hours played out in front of a bumper Auckland crowd.

Kiwi channel closes 2017 with After Hours
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Show Comments