On September 27, Alibaba International Station officially released the “Announcement on Prohibition of the Sale of Virtual Currency Mining Machine Products” stating that,The sale of virtual currency mining machine products will be banned from October 8.The announcement showed that in accordance with the relevant laws and regulations, as well as the instability of the laws and regulations of virtual currencies and virtual currency-related products in various international markets. Based on the evaluation of the platform, the platform will prohibit merchants from selling virtual currency mining products based on the ban on the sale of virtual currencies such as Bitcoin, Litecoin, Biot, Quark, and Ethereum, including but not limited to:
1、Bitcoin mining machines and other hardware and software used to obtain related virtual currencies;
2. Obtain virtual currency tutorials, strategies and software, such as mining tutorials.
It is understood that the announcement will take effect on October 8, 2021.
A few days ago, ten departments including the People’s Bank of China issued the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Hype” and the National Development and Reform Commission issued the “Notice on Regulating Virtual Currency “Mining” Activities”.
After the notice was issued, many related companies have responded to supervision and stopped services in mainland China.The scope covers various enterprises such as exchanges, financial service providers, mining pools, and market inquiry.
It is reported that the Central Bank has clarified the essential attributes of virtual currency and related business activities in the “Notice on Further Preventing and Disposing of the Risks of Virtual Currency Trading Hype.”
The central bank pointed out that virtual currency does not have the same legal status as legal tender, and virtual currency-related business activities are illegal financial activities,The provision of services by overseas virtual currency exchanges to Chinese residents through the Internet is also an illegal financial activity, and participation in virtual currency investment transactions involves legal risks.
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