Baidu follows Alibaba & Tencent; clamps cryptocurrency related discussions in its chat room 21742
News
Madhurima Roy
Aug 27, 2018 at 1:46 PM

Baidu, a search giant in China, has padlocked some of its cryptocurrency-related chat rooms. Post Bar services, as it is called, involves “Digital Currency Bar” and “Virtual Currency Bar”. Baidu is trying to stifle and implement the ban on topics that discuss crypto-related activities on Baidu Tieba, which is one of the largest Chinese communication platform of Baidu.

A representative for Baidu Tieba told CoinDesk that the dominant internet search engine company will “operate and manage its forum business based on existing Chinese laws and regulations”.

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Baidu accompanies Alibaba and Tencent in supending crypto-related activities

Baidu’s move follows Alibaba and Tencent that are also moving away from any kind of crypto-related activities. The move of the three renowned organizations show how fast these Chinese firms are trying to keep pace with the regulators amid Beijing’s recent suppression on cryptocurrencies.

However, as reported by South China Post, the Baidu’s suspension on its crypto discussions might be temporary. While Tencent stated that it will ban cryptocurrency trading on its multi-purpose messaging app, WeChat; Ant Financial, an affiliate company of the Chinese Alibaba Group, has officially banned over-the-counter (OTCBitcoin trading. The step will forbid traders from utilizing Alipay accounts to initiate trading in cryptocurrency.

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China had reportedly started getting stricter on cryptocurrencies since last September, with suspensions on domestic exchanges and initial coin offerings (ICOs). With tighter laws getting introduced, Chinese exchange operators and the holders of ICO projects are getting compelled to shift their operations to approachable jurisdictions like Singapore. An example of the intensity of crypto ban in the country is the Chaoyang District of China that had at the beginning of the month reportedly issued a ban on hotels, offices and shopping centers from conducting any crypto biased event.

 

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