Baidu, the Chinese tech giant that specializes in internet-related services, announced that it will be imposing anti-crypto measures in accordance with Beijing’s hardened stance against cryptocurrency dealings. Other Chinese technology companies like Alibaba and Tencent have already undertaken similar measures as a result of the regulatory crackdown on cryptocurrency.
South China Morning Post reports that China initiated its cryptocurrency suppression in September 2017 when it imposed bans on initial coin offerings, a controversial method of crowd fundraising involving cryptocurrencies.
Baidu has reportedly closed two of its most popular cryptocurrency related chat forums and notified users that the move is in accordance with policies and regulations relevant to cryptocurrency transactions. According to reliable reports, Tencent, another Chinese tech giant that operates WeChat, the social media platform that has nearly one billion users, also recently issued a statement banning all crypto trading on its platforms. The company said that it will monitor daily transactions and block any suspicious transactional activities as it sees fit.
Alibaba, which owns one of the most popular internet payment apps, Alipay, also issued similar statement and said that it will permanently ban all accounts that are engaged in crypto trading.
The three announcements made by the most notable Chinese companies follow closely on the heels of the anti-crypto measures imposed by the Chinese governments that imposed bans on all venues in the Chaoyang district of Beijing which hosted events relating to cryptocurrency. The ban also extends to communication channels which may pose as essential loopholes that Chinese investors may use to access crypto trading and Initial Coin Offerings.
After Beijing brought about a crackdown on peer-to-peer and over the counter platforms dealing in Initial Coin Offerings and crypto-to-fiat trading at the beginning of 2018, People’s Bank of China issued warnings that it will intensify its measures against illegal ICOs. In line with such an announcement, Alibaba subsidiary Ant Financial reportedly said that it will be educating users against the danger of false crypto-related propaganda and conduct risk prevention programs.
Ojaswita Kutepatil, a mechanical engineer by qualification, worked as a BDE and Technical Engineer before switching her profession to content writing. Currently, she works at AlgosOnline. as an Content writer, where she pens down write-ups pertaining to the market research industry. Crafting, reading, and music are some of her other areas of interest.