Bitcoin Sales Banned By Alibaba

Bitcoin has gained plenty of traction as well as spotlight in recent times, and this time around, we have Alibaba Group Holding Ltd’s Taobao laying the smackdown on the sale of Bitcoins. This particular ban comes right after a government crackdown against the virtual currency so that it will be able to plug a potential gap in its tight controls on capital flows. Alibaba, China’s biggest e-commerce company, might have taken such a position against Bitcoin as they look to experience a smooth initial public offering of stock that is tipped to happen later this year.

Taobao’s statement that was posted recently claimed that this particular ban will come into effect from January 14, 2014 onward, mentioning, “The central bank clearly requires third-party payment services to close Bitcoin…trading channels.” Apart from that, Alibaba spokeswoman Florence Shih has also shared, “In the interest of consumer protection, Taobao has banned the sale of Bitcoins on the platform.”

What do you think of the Bitcoin craze that has seemingly swept across many people’s minds these days? Do you think that Bitcoin will be all that it is meant to be, or is it the start of another possible Tulip craze? Only time will be able to tell, so stay strapped in for the ride!

Edwin Kee
Categories: General
Tags: alibaba, bitcoin