Baidu will follow in the footsteps of Tencent and Alibaba who decided to put a ban on the use of digital currencies two weeks ago. China Times reported that Baidu could either restrict or completely ban all crypto related topics on their forum known as ‘Baidu Tieba’.
As we speak, the sub-forums dedicated to “digital currency” and “virtual currency” are unavailable to users. Any searches related to those keywords triggers the following statement; “This forum is temporarily closed due to relevant laws, regulations, and policies.” Although other sub-forums which link to cryptocurrencies like Bitcoin and Ethereum remain active.
Generally China have been quite strict on the the overall crypto community, including a ban place on all ICO’s. A representative of Baidu Tieba hinted that the closure of some of the sub-forums may well be due to discussions related to ICO’s and general price speculation.
He then went on to justify the closure by adding “the same with why WeChat did it,” referring to the aforementioned move by Tencent on their ‘WeChat’ messaging platform. Alibaba have also vowed to ban anyone who is found to be using their ‘Alipay’ account to conduct OTC trading of cryptocurrencies
Many believe the recent ban’s is simply due to pressure from the Chinese government in an attempt to restrict ICO speculation as well as general investments in cryptocurrencies. A number of exchanges have been closed down, or forced to move their operations elsewhere and investors from China are not per fitted to take part in ICO’s.
The rules may seem drastic but a lot of people have lost money, especially throughout the ongoing bear market in 2018, so the regulations may well be to protect their citizens.
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