Internet retailer forbids trading in the virtual currency as China attempts to tighten currency controls.
Alibaba, the Chinese internet retail giant, has banned the use of Bitcoin, the virtual currency that shot to prominence last year, the latest step in a nationwide crackdown.
Taobao, Alibaba’s third-party online marketplace, was ordered to shut down Bitcoin trading by China’s central bank, after a growing number of merchants began to accept it.
China enforces strict controls on its currency, the renminbi, and the growing popularity of Bitcoin has become problematic for the state.
Thousands of wealthy Chinese citizens are believed to have used Bitcoin to circumvent the country’s strict capital controls, threatening the government’s attempt to control the renminbi.
BTCChina, the country’s biggest Bitcoin exchange, was forced to stop taking deposits by the central bank last month. This was expected to send the value of the currency in China falling, although it has remained resilient, as Chinese users find alternative ways to use it.
source: http://www.telegraph.co.uk/finance/currency/10558945/Chinas-answer-to-Amazon-Alibaba-bans-Bitcoin.html
China's answer to Amazon, Alibaba, bans Bitcoin
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