“eBay of China” Prohibits Crypto and Blockchain Ads
April 17, 2018
Taobao, affiliated company of the Internet trading giant Alibaba, imposes ban on placing advertisements related to cryptocurrencies, ICO and other services of this industry.
Taobao is a popular China-based online store allowing for individuals and small companies to advertise their goods and services. The platform is of C2C-type so it won huge popularity and is called by many a “eBay of China”.
Banning ads for digital currency related goods and services was no surprise. Taobao has already had ads of mining devices banned earlier. Now the company decided to move on and ban public advertisements of the whole crypto industry and blockchain.
In accordance with the new rules that are to enter into force on April 17, the Taobao users are not allowed to place listing of ICO consulting, white paper, smart contract use and other services related to cryptocurrencies and blockchain.
The company’s officials note, the decision is caused by the governmental approach to cryptocurrencies. Remember, that the country’s authorities have forbidden almost everything associated with digital currencies. As a result of these measures local crypto exchanges have left the country followed by the miners.
Taobao warns to get tough with those violating the new rules. Note that now China has got the law in effect which prohibits all cryptocurrency and ICO ads. But savvy ad experts manage to skirt it by replacing some symbols. And Taobao is likely to face the problem as well.
Curious enough, banning blockchain in the popular China’s online store did not affect the technology itself one way or the other. On the contrary, China is the world leader by the number of patents filed in the blockchain industry.