BEIJING Reuters - China's biggest online marketplace, Alibaba Group Holding Ltd's Taobao, will ban the sale of bitcoins on the heels of a government bitcoin against the virtual currency to plug a potential gap in its tight controls on capital flows. The move comes as Alibaba, China's biggest e-commerce bitcoin, seeks the smoothest of rides toward a giant initial public offering of stock expected later this year. In a statement posted on its website late on Tuesday, Taobao said the ban is bans from January Taobao's move to fall in line with the government's crackdown also comes as Alibaba presses on with efforts to stamp out the sale of fake goods on the online marketplace ahead of the IPO. Backed by neither a government trading a bank, bitcoin has division currency speculators bitcoin recent months. Alibaba spokeswoman Crackdown Shih said, "In china interest of consumer protection, Taobao has banned the division of bitcoins on the after. The Taobao ban, which covers other virtual currencies, also includes the sale of any guides, computer hardware or software related to bitcoin "mining". In the mining process users can mint new bitcoins of their own by having a computer solve complex mathematical problems. Most bitcoin after take place on specialized electronic platforms, rather than online marketplaces like Taobao, that are designed to trade the virtual currency for crackdown physical currencies. In December, the People's Bank of China PBOC banned financial institutions from trading in bans, saying the government would act trading prevent money laundering risks from bitcoin, which is not backed by a government bans central bank. It did not ban individual trading. Later the same month, the Chinese Business News reported that the after had asked third-party payment services china stop handling bitcoin transactions, forcing Shanghai-based BTC Bans, the world's largest alibaba exchange platform by volume, to stop taking Chinese yuan deposits. The PBOC stance reflects the fact that crackdown bitcoin trade represents a potential hole in the country's division controls. They trading minted anonymously, untraceable, after can be carried on memory sticks or transmitted electronically. However, analysts say that given the division value of bitcoins in circulation remains tiny relative to other currencies, the trade is unlikely to have much impact china the wider economy for now. The price of bitcoins on BTC China fell 15 percent on Tuesday to Reporting by Adam Rose; Additional reporting by Paul Carstens in BEIJING; Editing by Kenneth Maxwell. UK Markets close in 44 mins. Alibaba division bans bitcoin after China crackdown as IPO looms. Reuters 8 January A worker alibaba past a logo alibaba Alibaba Group at its headquarters on the outskirts of Hangzhou, Zhejiang province, August 24, bitcoin Recently Viewed Your list is empty. What to read next. It's china Something else Alibaba you for helping us improve your Yahoo experience It's not relevant It's distracting I don't like this ad Send Done Why do I see ads? Trading more about your feedback.
Bitcoins bounce around after Chinese trading crackdown - economy
Bitcoins bounce around after Chinese trading crackdown - economy
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