Chinese Shopping Giant Bans Crypto Related Goods

Taobao released the changes which are concerned with the increased control of crypto and ICO-related products
11 April 2018   627

Taobao is a Chinese online shopping website, headquartered in China, and is a subsidiary of Alibaba Group. It facilitates consumer-to-consumer retail by providing a platform for small businesses and individual entrepreneurs to open online stores that mainly cater to consumers in Chinese-speaking regions.

On April 10, 2018 Taobao has announced the new policy regarding the goods banned on the platform. The changes are concerned with the increased control of crypto and ICO-related products.

Taobao ban for product management specifications focuses on the goods related to blockchain technology, virtual currency and other digital products and services. It is stated that digital currency and similar digital products can easily be used for speculation and illegal fund-raising and can lead to a financing risk. 

The ban concerns Bitcoin, Litecoin, Biocoin, Quark, Unlimited, Cocoa, Penny, PPCoin, NameCoin and other digital currencies; products with the same technical properties and generating mechanisms as digital currency, such as digital pets generated based on blockchain technology; digital currency tutorials, strategies and software, such as mining hardware; ICO and derivative services which provide digital currency, such as technology development, business planning, brokerage, marketing, and other.

The new rules come into effect on April 17, 2018.

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Civic to Buy Identity.com Domain

The domain will become a blockchain platform for the exchange of user data
19 July 2018   111

American startup Civic has acquired the domain name identity.com. According to Vinny Lingham, CEO of the company, the domain will become a blockchain platform for the exchange of user data. This is reported by CoinDesk.

The identity.com platform will be a decentralized ecosystem. Thus, companies that own data will request the user's consent to the issuance of information. Blockchain will allow verifying the authenticity of the user's permission. After that, the company will be able to provide information to the data buyer.

Calculation on the platform will be performed in Civic (CVC) tokens. And thanks to smart contracts, payment will occur after the requesting company receives relevant information.

Previously, the domain was a portal for Internet real estate and belonged to the Inflection. Civic bought the domain name after Inflection stopped operating in this area of ​​business.

Vinny Lingham does not disclose the details of the negotiations and the amount of the deal. Nevertheless, he stated that he always considered the identity.com domain an ideal address for the promotion of his blocking project.

According to CEO Civic, this purchase is an important step not only for the company, but also for the development of the Web 3.0 concept.