Baidu Inc. (ADR) (NASDAQ:BIDU) has joined a growing list of Chinese companies cracking the whip on cryptocurrency related activities. The internet service giant has since ramped up its efforts in filtering, deleting and banning digital currency-related publications on its Baidu Tieba forum platform.
Baidu Cryptocurrency Crackdown
A clear indication that the tech giant means business on the latest push is evidenced by the fact that some cryptocurrency content has already disappeared from the Reddit like platform without a trace. The company has also deleted all sub-forums devoted to digital currencies.
The internet giant, however, faces an uphill task to succeed in the cryptocurrency blockade. The fact that some people use overseas channels such as Facebook and Telegram to engage in cryptocurrency communication through VPNs should continue to pose a significant challenge.
“Many people tend to be dubious and curious about the new currency. They always like to check it online and ask friends and on social media and forums. However, the information is not always objective, and those who have invested in cryptocurrencies go to great lengths to promote them,” Baidu spokesperson in a statement.
Cryptocurrency Crackdown
Baidu Joins Tencent Holdings Ltd (OTCMKTS:TCTZF) and Alibaba Group Holding Ltd (NYSE:BABA) that have put measures in places to clamp down on cryptocurrency related activities. Tencent has already banned cryptocurrency trading activities in its WeChat App having integrated real-time transaction monitoring to track such operations.
Ant Financials, the backer of the country’s largest mobile payment system Alipay, has also started suspending accounts engaged in over the counter Bitcoin (BTC) trading. China is one of the country’s that is vehemently opposed to cryptocurrencies having banned them last year as well as Initial Coin Offerings.
A ban on ICO Projects has forced some companies to launch in friendlier jurisdictions of the likes of Singapore. A ban on cryptocurrencies and ICOs is not expected to affect China’s devote to blockchain, the underlying technology powering cryptocurrencies in any way. The country has invested millions of dollars in a bid to spur innovations expected to revolutionize various sectors.
