Taobao agrees to ban sale of Bitcoins from next Tuesday
Print Edition
China’s biggest online marketplace, Alibaba Group’s Taobao, will ban the sale of Bitcoins on the heels of a government crackdown against the virtual currency to plug a potential gap in its tight controls on capital flows.
The move comes as Alibaba seeks the smoothest of rides toward a giant initial public offering of stock expected later this year. Taobao said in a statement that the ban is effective from next Tuesday. Taobao’s move to fall in line with the government’s wishes also comes as Alibaba presses on with efforts to stamp out the sale of fake goods on the online market ahead of the IPO. Alibaba has been conservatively estimated to be worth more than US$100 billion.
“The central bank clearly has required third-party payment services to close Bitcoin ... trading channels,” Taobao said, without disclosing details on Bitcoin sales via its platform up to now.
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