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    Half Tones

    Taobao to Ban the Sale of Blockchain Products

    Apr 11, 2018

    From April 17, Taobao will no longer allow blockchain-based products and related services to be sold on its platform, The Paper reported Wednesday. The announcement comes amid China’s tightening regulations on the burgeoning industry.

    In addition to already-prohibited cryptocurrencies like bitcoin, other items that use blockchain technology, such as collectible cryptopets, will now also be banned, as will guides and software about acquiring cryptocoins, and related marketing and business-planning services.

    “Digital currencies are highly vulnerable to user speculation and illegal financing,” Taobao said in its announcement. Initial coin offerings and currency-to-cryptocurrency trading have been illegal in China since September of last year — though some have attempted to skirt the ban.