Online Marketplace to Ban the Use of Virtual Currency

Online Marketplace to Ban the Use of Virtual CurrencyAlibaba largest online marketplace Taobao stated that will be banning the use or trading of the bitcoin and other virtual currencies starting on January 14 after the government released a crackdown on the units. The People’s Bank of China has ordered all financial institutions to stop all bitcoin related services and products and has caution against the possible use of the currency in money laundering.

A bitcoin is a digitally created e-money that is stored in a virtual wallet and can be used directly to another person therefore bypassing any forms of financial organization or banks and can remain totally anonymous. The central bank has already banned all domestic third party payment companies in providing clearing services for the virtual currency.

To promote the development of the Taobao Marketplace and safeguard all interests of Taobao members, the company will adjust management practices in prohibiting goods based on related state laws and regulations. New rules were added which include that ban on sales of the internet virtual currency such as the Bitcoin and Litecoin. Taobao said that banning the trade will also apply on the tutorials on how to mine the virtual currency along with the software and hardware that is used in obtaining them.

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