The eBay of China – Taobao Bans The Crypto Listings and ICO Services
E-Commerce giant Alibaba Subsidiary Taobao bans cryptocurrency listings and Initial Coin Offering (ICO) services and other virtual currency-related services. Taobao was established in the year 2013 where Chinese individuals and small businesses can sell and list the items within the country.
The subsidiary earlier banned the sale of Crypto miners and stopped offering cryptocurrency mining tutorials. But now, they have banned almost every single activity that involves cryptocurrency. They have now banned on product and services that include the use of Blockchain. The new set of rules prohibits the consultancy of ICO, writing of services related to cryptocurrency, whitepapers, technical services related to cryptocurrency and smart contract operation services. The ban extends to the prohibition of the purchase of Blockchain based digital assets like cryptokitties and it’s related numerous clones. The ban is implemented from today only.
The company spokesperson said that they have taken this decision after the ban of People’s Bank of China on ICOs and cryptocurrency activities in September, last year. Although there is no ban on mining and people are looking for the mining services cross-border China.
Taobao has taken this move concerning about the serious violations and has set a penalty for those who will fail to follow the set rules and regulations. Many of the advertisers have deceived people by changing ‘O’ to ‘0’ (zero) while writing ICO.
China always has shown a hostile nature towards cryptocurrency but there are some instances which prove that there are people who still have optimistic thoughts towards the same. Public Bank of China’ new head, said that the cryptocurrency, Bitcoin posses transparency and anybody can access it.
Although the Alibaba subsidiary, Taobao has banned all the services related to Blockchain yet there is no ban on Blockchain in China. And, the Chinese government also seems to be positive for Blockchain Technology. Funds worth $1 billion are being granted by the Chinese government to invest in Blockchain startups in China recently. Public Bank of China has also signed many numbers of Blockchain patents in the name of Blockchain Startups.