Follow Us

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

Alibaba Group halts bitcoin sellers on Taobao marketplace

The ban follows stricter rules by China's financial regulators

Article comments

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



Share:

More from Techworld

More relevant IT news

Comments



Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

Techworld White Papers

Choose – and Choose Wisely – the Right MSP for Your SMB

End users need a technology partner that provides transparency, enables productivity, delivers...

Download Whitepaper

10 Effective Habits of Indispensable IT Departments

It’s no secret that responsibilities are growing while budgets continue to shrink. Download this...

Download Whitepaper

Gartner Magic Quadrant for Enterprise Information Archiving

Enterprise information archiving is contributing to organisational needs for e-discovery and...

Download Whitepaper

Advancing the state of virtualised backups

Dell Software’s vRanger is a veteran of the virtualisation specific backup market. It was the...

Download Whitepaper

Techworld UK - Technology - Business

Innovation, productivity, agility and profit

Watch this on demand webinar which explores IT innovation, managed print services and business agility.

Techworld Mobile Site

Access Techworld's content on the move

Get the latest news, product reviews and downloads on your mobile device with Techworld's mobile site.

Find out more...

From Wow to How : Making mobile and cloud work for you

On demand Biztech Briefing - Learn how to effectively deliver mobile work styles and cloud services together.

Watch now...

Site Map

* *