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China's largest online marketplace, Alibaba Group's Taobao, said Wednesday that it would ban the trading of Bitcoin and other virtual currencies from January 14, after a government crackdown on the units. The People's Bank of China (PBoC), the country's central bank, in December ordered financial institutions to halt Bitcoin-related services and products and cautioned against its potential use in money-laundering, according to a statement. The PBoC also banned domestic third-party payment companies from providing clearing services for virtual currencies, according to state media reports. "Newly added rules include a ban on sales of Internet virtual currencies like Bitcoin and Litecoin," it said.
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