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!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags internete-commerceInternet-based applications and servicesAlibaba Group

Featured

Slideshows

EDGE 2018: Kiwis kick back with Super Rugby before NZ session

EDGE 2018: Kiwis kick back with Super Rugby before NZ session

New Zealanders kick-started EDGE 2018 with a bout of Super Rugby before a dedicated New Zealand session, in front of more than 50 partners, vendors and distributors on Hamilton Island.​

EDGE 2018: Kiwis kick back with Super Rugby before NZ session
EDGE 2018: Kiwis assess key customer priorities through NZ research

EDGE 2018: Kiwis assess key customer priorities through NZ research

EDGE 2018 kicked off with a dedicated New Zealand track, highlighting the key customer priorities across the local market, in association with Dell EMC. Delivered through EDGE Research - leveraging Kiwi data through Tech Research Asia - more than 50 partners, vendors and distributors combined during an interactive session to assess the changing spending patterns of the end-user and the subsequent impact to the channel.

EDGE 2018: Kiwis assess key customer priorities through NZ research
Show Comments