Legal News

Alibaba Ban: China Tightens Rules around Bitcoins
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Unlike any currency ever created, Bitcoins are governed by a computer protocol, rather than a central authority. Instead of serving one country or a group of countries, Bitcoin serves the whole world – a global currency.

Bitcoin is called a crypto currency because it uses public-key cryptography. This means that when paying with bitcoin, there will be no exchange of digital notes or tokens between the buyer and the seller. Instead, the buyer requests an update to a public transaction log, called the blockchain. This master list of all transactions shows who owns what bitcoins currently and also in the past, and is maintained by a decentralized network that verifies and time stamps the payments. The Bitcoins are sent easily through the Internet, without needing to trust any third party. The Bitcoin was designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities. Introduced in 2009 by developer Satoshi Nakamoto, the peer-to-peer payment network is based on an open source protocol and a digital currency that is used in the network. The decentralized digital currency enables instant payments to anyone, anywhere in the world.

  
What
Where


China’s largest e-commerce website, Alibaba Group Holding Ltd., According to Bloomberg News, has banned the sale of Bitcoin and other virtual currencies. Many third-party payment systems have stopped processing transactions for Bitcoin purchases. Payment provider YeePay gave notice last month to BTC China, the largest Bitcoin exchange in the country, that it could no longer provide payment services.

From January 14th onward, Alibaba said on its website it will bar the sale of Bitcoin and related products, including mining software and hardware for the virtual currency. A Shanghai-based Internet consultant, Wang Weidong, reported in a phone interview, “The changes will have quite a big impact on Bitcoin trading in China.” Finally, the entire world is starting more and more to tighten Bitcoin‘s range and freedom of use.

Image Credit: www.contrarianprofits.com

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a mid-level litigation attorney with experience taking/defending dep...

Apply Now

Mid-level Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking a support attorney with some experience/familiarity with a litigatio...

Apply Now

Trust and Estate Attorney

USA-NY-New York City

Boutique trust and estate firm is seeking an attorney with 7+ years of experience. Candidate should ...

Apply Now

Business Litigator with 3-4 Years of Experience

USA-CA-El Segundo

Los Angeles office is seeking a class of 2014-2015 business litigator. Insurance coverage experience...

Apply Now

RELEVANT JOBS

Senior Paralegal

USA-NJ-Red Bank

*MUST HAVE CURRENT PARALEGAL EXPERIENCE (ZONING/ LAND USE PREFERRED) Red Bank, New Jersey law ...

Apply now

Chemistry Prosecutor

USA-MA-Boston

Cesari and McKenna, LLP is seeking a Patent Attorney with a MS or PhD in Chemistry with at least two...

Apply now

Associate - Insurance Coverage D&O Group

USA-NY-Valhalla

Defense firm seeking junior insurance coverage associate with strong analytical and writing skills f...

Apply now

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Hotline sta...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top