The Cainiao Smart Logistics Network warehouse in Wuxi, China’s eastern Jiangsu Province, loads merchandise onto shelves that are then moved by robots, according to the logistics affiliate of e-commerce giant Alibaba. Employees at the warehouse load merchandise onto shelves that are then moved by robots. This photograph was provided by AFP/Hector Retamal with permission. (Photo courtesy of Getty Images) According to Alibaba, the Chinese e-commerce giant, it will no longer offer bitcoin mining equipment starting on Monday. According to a broad statement released on Friday, any bitcoin commerce within the country is prohibited by the Chinese government. This new prohibition follows on the heels of the Chinese government’s sweeping declaration, which was issued earlier this year. The sale of crypto-mining machines, as well as the sale of cryptocurrency itself and any training, is now prohibited under the new regulations. For the first time in English-language media, Coindesk broke the news of this restriction. According to Alibaba, the following announcement has been made In addition to prohibiting the sale of virtual currencies, Alibaba.com will also prohibit the sale of virtual currency miners, such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, among other cryptocurrencies. Bitcoin miners, for example, generate virtual currency by utilising both hardware and software to do their task. Virtual currency acquisition tactics and uses, such as virtual currency mining tutorials, are covered in greater depth in the second half of the list below. While third-party merchants that violate the criteria will suffer significant consequences beginning on October 15, the store estimates that the prohibition will take effect on October 8 will not face significant consequences until that date. According to Coindesk, in addition to being China’s largest online retailer, Alibaba also has subsidiaries in other parts of Asia, including Aliexpress and Lazada, which are both owned by the Chinese company. As proof of cryptocurrency’s negative environmental impact continues to mount, the Chinese government has recently stepped up its efforts to combat the practise. According to some Bitcoin advocates, cryptocurrency isn’t always a bad thing. Nonetheless, as reported yesterday by Earther, some environmentally aware miners have been looking for novel ways to make the technology more environmentally friendly, including a recent move to approach the nuclear energy industry. The Chinese central government has delegated authority over mining legislation to local governments, despite the country’s opposition to cryptocurrency. Following the implementation of China’s cryptocurrency ban on Friday, cryptocurrency aficionados will no longer be allowed to conduct business in the nation at any level.
CNY - Chinese Yuan Renminbi