Alibaba unit to ban bitcoins

|About: Alibaba Group Holding Li... (BABA)|By:, SA News Editor

Not wanting to ruffle any of Beijing's feathers as it moves towards an IPO, Alibaba's (ABABA) Taobao will ban the sale of bitcoins (BITCN), effective January 14.

The Chinese government, of course, cracked down on the virtual currency about one month ago, with the PBOC barring financial institutions from handling bitcoin transactions.