bitcoins in circulation worldwide. Since its creation in 2008 by a man using the alias Satoshi Nakmoto, bitcoin has gone mainstream and can be used to buy coffee, pay for online dating services, and can even be retrieved from an ATM. Related: What is Bitcoin? Bitcoin faces a fresh obstacle in China as Alibaba, the countrys largest e-commerce group, will ban bitcoin transactions starting January. The decision will make practical use of bitcoin even more difficult in China, despite massive interest from investors in the alternative currency. In December, the Peoples Bank of China banned third party sales of bitcoin, and placed a ban on financial institutions dealing with bitcoin, ordering them to halt activities by January 31, the beginning of the Chinese New Year holiday. This is not the first time that Beijing has moved to place restrictions on an alternative currency. In the United States, lawmakers have been examining potential regulations for Bitcoin, which is the currency of choice on certain online markets for drugs and other illicit goods. Related: Inside Hong Kong's biggest Bitcoin mine.
About product and suppliers: Alibaba.com offers 23,632 bitcoin products.
Alibaba the e-commerce giant will no longer allow bitcoin use on its site.
Alibaba said that as of January 14 it would stop its users from doing any deals in Bitcoins or other virtual currencies such.
Alibaba said in forex kaupankäynnin neuvoja vero a post on its website that the regulation will take effect on January 19, and would extend to other digital currencies including Litecoins. The move is part of a larger government crackdown on the cryptocurrency, which has fast gained traction in China, the worlds second-largest economy and home to the largest bitcoin trading platforms. Workers sorting out packages at an Chinese e-commerce giant Alibaba in Beijing (AFP Photo) AFP. Banning the anonymous virtual currency will promote the healthy development of the Taobao Marketplace and to more effectively protect the interests of Taobao members, Alibaba said in a statement posted on its website on Tuesday. Chinese regulators have also directed third-party payment services to stop working with bitcoin exchanges.
Bitcoin faces a fresh obstacle in China as Alibaba,the countrys largest e-commerce group, will ban bitcoin. Alibaba Group Holding Ltd's Taobao, Chinas largest online marketplace, will not allow any.
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