Alibaba bans all bitcoin payments

bitcoin3

Bad news

Chinese e-commerce provider Alibaba has banned bitcoin-related products and payments from its online shopping websites. The decision is in light of two recent anti-bitcoin initiatives put forward by the Chinese government.

With financial institutions in China already prevented from handling the virtual currency and deposits made in CNY also barred it seems Alibaba is naturally following suit.

Alibaba’s Taobao, an eBay-like platform connecting individual buyers to small-time merchants previously allowed merchants to accept bitcoin as payment. But those transactions will no longer be allowed. It has never accepted bitcoin payments itself before. Alibaba has also banned all other virtual currencies along with Bitcoin, as well as all related products including mining software.

Bitcoin is a peer-to-peer digital currency that functions without a central authority and was first introduced in January 2009. The currency is stored in anonymous ‘electronic wallets’ or code, and can travel from one wallet to another by means of an online peer-to-peer network transaction.

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