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This article was published on January 8, 2014


China’s largest online shopping site bans Bitcoin trading and sales of all related products

China’s largest online shopping site bans Bitcoin trading and sales of all related products Image by: George Frey
Kaylene Hong
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Kaylene Hong

Kaylene Hong was Asia Reporter for The Next Web between 2013 and 2014, based in Singapore. She is bilingual in English and Mandarin. Stay in Kaylene Hong was Asia Reporter for The Next Web between 2013 and 2014, based in Singapore. She is bilingual in English and Mandarin. Stay in touch via Twitter or Google+.

Utah Software Engineer Mints Physical BitcoinsBitcoin appears to be coming up against increased opposition in China.

The latest setback has seen China’s largest e-commerce site Taobao banning the trading of Bitcoin and sales of all related products, in particular mining hardware and software, saying that China’s central bank has “explicitly required third-party agencies to close trading channels for Bitcoin and other digital currencies such as Litecoin.” The rules on Taobao take effect from January 14.

In early December, China’s central bank spoke up against Bitcoin, saying that banks and other financial institutions are not allowed to handle transactions made with the digital currency. However, it gave the green light for individuals to use Bitcoin online — at their own risk. Subsequently though, a series of incidents in the country culminated in BTC China stopping deposits in Renminbi, China’s currency – following reports that the Bank of China (BoC) had outlawed transactions between Bitcoin exchanges and third-party payment systems.

Image via George Frey/Getty Images

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