Home Markets News & Opinions BREAKING NEWS: Taobao.com (China’s Ebay) Bans Bitcoin Payments

BREAKING NEWS: Taobao.com (China’s Ebay) Bans Bitcoin Payments

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Last updates by
Jonas Borchgrevink
January 7, 2014 2:26 AM

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 deliberately circumvent the controls. The rule changes on January 14, 2014 came into effect.

The Bitcoin Price has experienced a sudden plunge today most likely based on Taobao’s press release. Here are some others factors that might play a role in the sudden drop of the Bitcoin value.

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