THELOGICALINDIAN - Baidu the Chinese chase agent behemothic has activated a absolute ban on all agenda currencyrelated advertisements This abrupt move on Baidus allotment has larboard abounding cryptocurrency businesses surprised
Baidu was amid one of the aboriginal movers back it comes to Bitcoin payments. The aggregation acclimated to acquire Bitcoin payments from its music account barter until the Chinese government issued an advising admonishing adjoin the use of Bitcoin to all banking institutions in the country. Almost three years back the abandonment of Bitcoin payments, Baidu has now absitively to ambit itself from Bitcoin and added agenda currency-related advertisements.
READ MORE: Baidu Stops Accepting Bitcoin Payments
According to reports, the move by Baidu comes at the time back complaints are axle up adjoin the chase provider for featuring ambiguous advertisements. Some accept that the accretion cardinal of cryptocurrency affiliated scams is the acumen actuality Baidu’s decision. The ban is additionally said to reflect the Chinese government’s official affect appear cryptocurrencies.
A arch business media outlet appear the development by commendation Zennon Kapron from Shanghai-based consulting firm, Kapronasia saying-
“It could be a forerunner to China actuality accessible to advance for a added nationalized access to basic currencies. it could additionally be a case of customer aegis as there accept been cases of scams.”
The ban on Bitcoin ads may not necessarily reflect the company’s attitude appear Bitcoin. Baidu is one of the investors in the Chinese accessory of Circle – the bitcoin peer-to-peer payments platform.
In animosity of Bitcoin actuality not so accepted amid the cardinal class, the Chinese government has been assuming absorption in its basal technology. The government afresh appear the conception of Blockchain Working Group, to advance the development and accomplishing of Blockchain technology-based applications in the country.
READ MORE: Chinese Government Explores Digital Currency Technology with the Blockchain Working Group
The Chinese Bitcoin association is one of the arch contributors to the Bitcoin network. A majority of the hashing ability is contributed by the Chinese miners. Baidu’s move is not acceptable to accept a huge appulse on accepted agenda bill businesses operating in the country. However, its appulse on scams and other cryptocurrency advance frauds needs to be analyzed over time.
