BREAKING NEWS: Taobao.com (China's Ebay) Bans Bitcoin Payments
Taobao has banned Bitcoin Payments as of January 14th 2014. The announcement comes from taobao.com: Dear Member: In order to better promote the healthy development of Taobao trading market more effectively protect the interests of members of Taobao, Taobao rules will be based on relevant national regulations and policies, to lock up merchandise management practices to make adjustments. New Lock Bitcoin, a virtual currency Wright currency and other commodities such as lock-up Internet rules, adding salt moratorium on the interpretation of the rules and regulation of Taobao sellers....
Related News
China's version of eBay, dubbed TaoBao, has made a statement today indicating they plan to ban sales of cryptocurrencies like bitcoin and the any hardware used to mine them. The service cites recent developments in China's legal landscape surrounding bitcoin, and Taobao expresses its desire to remain in compliance with the rules set forth by the People's Republic of China. Banned sales items include: bitcoin, litecoin, quarkcoin, PPCoinm, namecoin, and just about any other digital currency you can think of. Of relation, any hardware and/or software used to mine bitcoin or other digital....
In an email from Ebay they share their plans to open trade for cryptocurrencies like Bitcoin on 10th February 2014. This is a shift from their present policy that bans the sale of digital currencies. Many virtual currency experts are urging caution when trading virtual currencies on EBay using Paypal, however, as the risk for charge backs are still very real using PayPal. At it's core, EBay is built to be a major venue to trade these assets. Forecasting an advancement in payment processing as large as virtual currencies offer was impossible when EBay bought PayPal in 2002. Not a person in....
This article is not the first time that I have covered the Chinese Bitcoin economy. Four months ago, China saw its first major interaction with the Bitcoin community when the One Foundation, the largest independent charity in China, started accepting Bitcoin donations for a disaster relief campaign, and received 230 BTC (then $30,000) within two days. Two weeks after that, China became the first country to overtake the US in BitcoinQt client downloads, and keeps a position of second place to this day. China also has an online discount store accepting bitcoins, a high level of Bitcoin....
Taobao, China's largest online marketplace, will ban the sale of all cryptocurrencies, mining equipment and mining tutorials from 14th Jan, it said in a statement released today. A CoinDesk translation of the statement's major points is below: Dear members: In order to promote healthy development and ensure the interests of our members, some adjustments have been made in compliance with the government's legal requirements. Our list of banned items will include bitcoin, litecoin and other virtual currency ... The adjustment will take effect starting on 14th Jan. The statement specifies....
In September 2014, eBay announced plans to separate eBay and PayPal. In a recent SEC filing, eBay confirmed that a newly formed corporation named PayPal Holdings, Inc. ("PayPal") will take over the businesses that make up eBay's payments segment. eBay, the existing publicly traded corporation, will continue to operate its marketplaces business. The separation, which will provide current eBay stockholders with equity ownership in both eBay and PayPal, will be effected by means of a pro rata distribution of 100 percent of the outstanding shares of PayPal common stock to holders of eBay....