The famous Chinese Online shopping site Taobao, which is also a branch of the renowned retail big gun, Alibaba will soon stop activities of stores on its website from rendering services associated with cryptocurrencies and Initial Coin Offerings (ICO).
This decision was made known in a publication from the press, release on Tuesday, April 10, after their conflicting name saga with a new Asian adopter, Alibabacoin from Dubai.
The official statement released in this regard made the happenings around the company’s one-time cryptocurrency associated restrictions evident. This put a hold to Taobao’s patronizers from offering services related to cryptocurrencies like BTC (Bitcoin), ETH (Ethereum) and so on. Also, it stopped them from rendering tutorials about cryptocurrency mining, Bitcoin mining machines, and every other related hardware.
According to the latest regulatory system that will start operating from the 17th of April, there will be two significant changes in their operations. The first is the expansion of the concept of virtual currencies, by infusing Initial Coin Offering (ICOs) and every other related digital product. The second change will be to establish automatic control of derivative services and products that are blockchain tech related.
Upon the implementation of these new regulations, the company, Taobao, targets the protection of its customers from having any financial issue whatsoever associated with Initial Coin Offerings (ICO), ranging from fraudulent or illegitimate fundraising systems and fragile speculations.
According to a decision of the People’s Bank of China (PBC) to put an end to every activity related to Initial Coin Offerings (ICO) last year, in September, Taobao has brought it to the notice of its customers that there is no institution of any kind that may offer trading, transaction (exchange), brokerage, pricing, payment, negotiation, or any other service related to digital money or similar digital product.
In that release, Taobao frowned at any opposing act that may arise and has stated that any stubborn store that goes against these new regulations and continues to offer Initial Coin Offering (ICO) – related services including the writing of white papers and all of such services that are related to the promotion or facilitation of initial coin offerings (ICO), will be prosecuted duly. Who knows? The suspension might be a covert topic here.
Recalling from last week, a report from Cointelegraph stated that Alibaba, the famous Chinese retail giant sued Alibabacoin (based in the United Arab Emirate, UAE) Foundation Initial Coin Offering (ICO) for infringing on its copyright as the latter has decided to make a brand out of the Chinese’s name. Alibaba stated that the Dubai-based firm’s act of copying its name “is prominently repeated, and intentionally misleading.”
As it stands now, Alibaba (the real Chinese retail brand) is not ready to stop frowning at their sudden “twin-firm’s” act, and this has led to the extension of a frown on disobedient stores on its site.