The uptrend in mass adoption of the crypto space is also accompanied with signs of rejection from some region, sectors and/also key individuals. It continues to face policies, stricter rules or better regulations in some places too. In a recent update being disclosed, one of the biggest E-commerce business Alibaba, is shutting down everything crypto related on it site from October onwards.
It is believed that the E-commerce giant will be stopping these services due to the new rules made by the Chinese government who are saying, crypto currency is an illegal thing to be involved in.
On Monday, Alibaba took to their website to announce that they shall continue to provide and comply with each country’s rule and conform to policies made by whatever country they have their operations in. It is said to stop everyone or any merchant from selling any crypto mining, guides, eBooks, or the coins itself through its platform from 8th of October.
It was stated that the Chinese biggest E-commerce Business will not limit or exclude the selling of popular crypto currencies like Bitcoin (BTC), Ethereum (ETH), Litcoin (LTC), from its new proposed policy which shall commence in the early weeks of October.
Further warning and instructions have been dished out to its customers and merchants saying, “if anyone should continue to tread this path nor pursue this form of business after clearly stating their(Alibaba) intention to shut such down, such person/ merchant faces the risk of getting his/her stores blocked or account freezed for disobeying this new rules or if such merchant tries to fix these related products under a separate list of items sold on her website,”
Alibaba is said to have made this decision and must have been influenced to move towards this path because just few days ago (on Friday), the Chinese Government have proclaimed publicly that, “Crypto is illegal and none of their citizen should be involved in it,”
This statement has seen other big crypto exchanges pause or reconsider providing crypto related services to the Chinese people. Exchanges like BINANCE and Huobi are currently on hold while other known exchanges have been said to completely shut down their operations in the Chinese country.
