Bitcoins Dealt Further Blow in China as Taobao Issues Ban

(Beijing) – Bitcoin ran into another glitch in China when Taobao, the popular consumer-to-consumer e-marketplace, banned its users from handling trades in the virtual currency or any products related to it.

The Taobao ban includes bitcoins, other virtual currencies and related products, such as special software for "mining" the virtual currency and mining instructions. The move is effective January 14, Taobao's parent company, Alibaba Group, said in a statement on January 7.