Baidu, the Chinese search engine giant has enforced a blanket ban on all digital currency-related advertisements. This sudden move on Baidu’s part has left many cryptocurrency businesses surprised.
Baidu was among one of the first movers when it comes to Bitcoin payments. The company used to accept Bitcoin payments from its music service customers until the Chinese government issued an advisory warning against the use of Bitcoin to all financial institutions in the country. Almost three years since the withdrawal of Bitcoin payments, Baidu has now decided to distance itself from Bitcoin and other digital currency-related advertisements.
According to reports, the move by Baidu comes at the time when complaints are piling up against the search provider for featuring misleading advertisements. Some believe that the increasing number of cryptocurrency linked scams is the reason being Baidu’s decision. The ban is also said to reflect the Chinese government’s official sentiment towards cryptocurrencies.
“It could be a precursor to China being ready to push for a more nationalized approach to virtual currencies. it could also