Taobao modify its terms of use and turns back to crypto-currencies

Taobao, one of the largest sites of online sales in china, has taken the decision to ban the sale of products and services in connection with the crypto-currencies. The ban is official and will begin today.

A decision controversy

Taobao, a subsidiary of the chinese giant of e-commerce Alibaba, provides individuals and small businesses to sell products and offer services. However, from April 17, the conditions of use are modified. In fact, it is now prohibited to sell products and services related to crypto-currencies and the ICO.

Logo Taobao / The giant of online sales has made a radical decision concerning crypto-currencies.

A few weeks ago, Taobao had already taken the decision to ban the sale of equipment of mining of crypto-currencies and tutorials related to the investment in virtual currencies. But, this time, the decision goes even further as all the products and services related to the technology BlockChain are now banned.

A position complicated

To justify this position, Taobao speaks in particular of the people’s Bank of China has made the election, in February last, to prohibit the Chinese use of the exchange platforms foreign. According to the website of online sale, it is necessary to act in this direction, and the platform wants to be exemplary vis-à-vis the chinese authorities.

Image Shutterstock / Taobao is a subsidiary of the giant Alibaba.

You should know that at the present time, the chinese government has not prohibited the mining of crypto-currencies. However, the prospect of a regulatory framework is especially strict scares a lot of companies that have chosen to relocate their activities abroad. Indeed, the country seems indeed to be heading toward a regulatory framework that is severe towards the technology BlockChain, even if it is not known to what extent. Indeed, some chinese leaders seem to believe that this technology represents the future and that it would be a shame to turn your back.

Therefore, there is a certain confusion in China around the crypto-currency. But to this day, what is certain is that the giants like Taobao have chosen to turn your back on digital currencies, no doubt in an excess of caution.

Source : NCC