Suspected counterfeit currency sale on Taobao exposed China’s largest e-commerce platform, #Taobao, finds itself in the midst of an ugly controversy after a user exposed what could possibly be the sale of #counterfeit currency online. According to Weibo user @chengchengheningningdebaba, sellers on the platform had been offering euro coins at far less than the actual exchange rate. The current yuan-to-euro exchange rate is approximately 7.6, which means that 100 #euros are worth about 760 yuan. However, it seems that some retailers on Taobao were selling 100 euros for as low a price as 500 yuan. “Shockingly unbelievable! Taobao should take measures to rectify these unscrupulous sellers!” called out a weibo user named @jinpaixiaozhaji, amidst an outpouring of anger on social media. For its part, Taobao has taken note of the complaints and is believed to be investigating whether the currency being sold is counterfeit. A search for the term “euro” currently leads to a page that reads: “The items you are looking for are no longer available, in accordance with related law and rules.” While this may not be the first such controversy related to knock-off goods being sold on Taobao, the platform, which is a key part of the Alibaba Group, has been seeking to crack down on counterfeit items in a bid to bolster its growing international reputation.
Posted on: Fri, 12 Dec 2014 02:48:35 +0000
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