CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Alibaba to stop selling crypto mining rigs

By Aaron Woolner

04:37, 28 September 2021

Alibaba sign outside the firm's corporate HQ
Alibaba sign outside the firm's corporate HQ - Photo: Shutterstock

Alibaba will stop selling cryptocurrency mining equipment with the Chinese e-commerce firm explicitly linking the decision to last week’s move to ban cryptocurrencies in the country. 

On Friday, the People’s Bank of China put out a notice which banned all digital currency activities while simultaneously the National Development and Reform Commission put out a plan to end cryptocurrency mining activities. 

Today’s statement from Alibaba explicitly linked its decisions to end sales of cryptocurrency mining equipment to the Chinese authorities' move last week. 

Ban starts 8 October 

“After thorough evaluation, taking into account the instability of laws and regulations on virtual currencies and relevant products in various international markets, Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum.”

Sales of hardware and software used to obtain digital currencies such as Bitcoin miners will be banned from 8 October, as will educational products and software linked to mining. 

XRP/USD

1.38 Price
+25.370% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

BTC/USD

98,878.55 Price
+4.750% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

DOGE/USD

0.39 Price
+4.760% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

ADA/USD

0.87 Price
+7.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00646

The e-commerce firm said that the consumer electronics categories linked to mining and mining equipment would also be closed from that date. Alibaba warned that sellers found breaching the ban faced a range of sanctions including having their accounts closed down.

What is your sentiment on LTC/USD?

90.56
Bullish
or
Bearish
Vote to see Traders sentiment!

Third largest e-commerce firm

Alibaba.com currently lists over 75,000 products under the search term “bitcoin”, with both new and second-hand cryptocurrency mining equipment currently available for sale. 

The combined sales of Alibaba's three websites make it the third largest e-commerce firm globally, behind fellow Chinese firm JD.com and Amazon. 

Read more: Crypto group will try for softer tax and rules bill

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading