Baidu Joins Alibaba and Tencent in Imposing new Anti-Crypto Measures
Chinese tech giant Baidu has imposed new anti-crypto measures. The company has joined other giants like Alibaba and Tencent who imposed such measures last week. The company which is the biggest search company in China has already closed crypto-related online forums. Baidu says that it was following the law and regulatory policies set by the government.
Baidu banned crypto discussions in its online platform Baidu Tieba which is the largest online platform in China. The platform is similar to Reddit and has more than 300 million visitors per month on average. In the meantime, Tencent which has more than 1 billion followers on its platform WeChat has also issued a statement banning crypto discussions. The social media platform has said that it will monitor all activities and block any crypto related activities.
Alibaba which is one of the world’s largest e-commerce platforms will also ban accounts which are found to conduct cryptocurrency trading. Alibaba has a very popular internet application called Alipay which is owned by Ant Financial a subsidiary of the e-commerce giant.
On 21st August WeChat blocked some very famous crypto related accounts which included Huobi news, Deepchain, and CoinDaily. The accounts were accused of violating regulations set by Chinese authorities last month. The move was followed by Alipay’s move on 24th August when it announced that it was closing all accounts related to Bitcoin and cryptocurrency in general. More to that Alipay also announced that it would be forming an inspection system to check all accounts.
All the tree announcements have come back to back at a time when China is toughening its rules on cryptocurrency. The latest move includes blocking all cryptocurrency exchanges which can be accessed online in the country. Chinese regulators want to close all ways in chine Chinese nations can access ICOs and cryptocurrencies.
The People’s Bank of China has also issued a warning against investing in ICOs. Reports from regulatory bodies have also indicated that there is a new plan to wipe out all third-party payment platforms. The ban on crypto trading in China has been in place since September 2017. The ban had however not gone to the extent of banning news channels.
The new crackdown started when authorities in China noticed that there were 134 overseas exchanges which were still accessible in the country through the internet. Since then the authorities have been working to eliminate all traces of crypto trading in the country. More platforms are likely to follow what Baidu, Alibaba and Tencent are doing.