Taobao, often known as eBay of China has updated their policy banning Cryptocurrencies, ICOs, and other virtual currency-related services. Taobao is a subsidiary of Chinese eCommerce Giant Alibaba set up in 2003 where individuals and small business can list items for sale within China.
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Though Taobao has banned all Blockchain related services, there is no ban on Blockchain in China. In fact, the Chinese government has been extremely optimistic of Blockchain technology. A $1 Billion Blockchain fund was just launched which is backed by the government to invest in Blockchain startups. Also, PBoC filed the most number of Blockchain patents in 2017...Click here to know the details story
AUTHOR
Vignesh Selvasundar
