China Roundup: Alibaba blocks sale of crypto products, and other news

Alibaba blocks crypto-related products on ecommerce platform

• Alibaba will stop selling cryptocurrency-related products such as mining machines, tutorials, and strategies on its platform starting October 8.
• The move comes after China announced a ban on using cryptocurrencies for transactions, clearing any doubt on the country’s stance on digital coins.
• Similarly, cryptocurrency exchange Biki will also cease operations by the end of November. The firm already stopped accepting new users from Mainland China on September 26.

Geely founder to enter smartphone market

• Eric Li, founder and chairperson of Geely, will reportedly launch a new company that will make “premium” smartphones by 2023.
• Geely, which also owns Volvo, would be the first carmaker in the smartphone space. At the same time, existing smartphone makers are exploring the electric vehicle market.
• The firm will bank on brand recognition to meet its target of selling 3 million units in its first year. According to an internal memo, the project will be funded with an investment of over US$1.5 billion.