Chinese Internet Giant Baidu Bans Crypto-Related Content On Its Online Forum

News, Regulation | August 27, 2018 By:

Chinese search engine giant Baidu has blocked cryptocurrency-related content on its online forums amid China’s intensifying crackdown on cryptocurrency.

According to a report by Beijing-based business media outlet China Times, Baidu is now banning any crypto-related topics on its Reddit-like Baidu Tieba forum platform. The search giant has reportedly shut down some of its popular crypto-related chat rooms, known as Post Bar services, including “Digital Currency Bar” and “Virtual Currency Bar.”

Baidu said the new measures are part of the “rectification from August 21,” referring to the new set of measures announced by the China National FinTech Risk Rectification Office. Last week, the office said it was seeking to block access to 124 crypto trading platforms with overseas IP addresses.

“Many people tend to be dubious and curious about the new currency,” a Baidu PR person told China Times. “They always like to check it online and ask friends and on social media and forums. However, the information is not always objective and those who have invested in cryptocurrencies go to great lengths to promote them and provide positive publicity, more often than not painting a false picture.”

The news came after Alibaba and Tencent have both said that they will block any crypto-related transactions on their mobile payment services. Tencent said it will ban crypto trading on its social app WeChat through measures including real-time monitoring of daily transactions and block suspicious transactions when necessary. While Alibaba said that it will restrict or ban accounts on its Internet-payment platform Alipay when they are found to involve cryptocurrency trades.

Earlier this month, the central district of Chaoyang in China’s capital Beijing ordered commercial properties to stop providing venues for activities relating to “cryptocurrency talks and promotion.”