The ban on the sale of mining equipment, entered into force
China's largest internet giant, Alibaba, stopped selling hardware used to mine digital currencies on Friday.
Now, for violation of the requirement and deliberate distortion of information, Alibaba will punish the seller with a fine. If repeated and depending on the severity of the violation, up to restrictions, with the subsequent blocking of the account on the platform.
Alibaba has informed users that these restrictions are directly related to the tightening of regulatory policy undertaken by the Chinese authorities in relation to mining and digital assets. The equipment and software used to obtain cryptocurrencies, as well as educational materials related to this type of activity, fell under a strict ban on the sale.
Earlier, the Center, Bank of China issued a warning stating that digital currency is not legal tender, and all activities related to cryptocurrency are against the law and are strictly prohibited. It follows from the warning that any type of virtual currency exchange services provided to Chinese citizens on the Internet is also considered illegal financial activity.
On the one hand, the Chinese authorities are strengthening control over digital assets in order to combat money laundering and corruption. An investigation by the Chinese authorities showed that many corrupt structures used cryptocurrencies to hide income and withdraw funds outside the country. On the other hand, the authorities do not oppose digital assets as such, believing that cryptocurrency is a promising trend.
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