The ban of all bitcoin and virtual currency-related advertising from the online portals of China’s largest search engine, Baidu, has thrown the fate of cryptocurrencies into a dicey state in the world’s largest market for bitcoin trading and mining.
As China literally controls the bitcoin market, this move is likely to have a multiplier effect on the entire ecosystem.
Though the reported reasons behind a blanket cryptocurrency-related advertising ban could still be said to stem from speculation, there is a claim that Baidu’s action was in line with recent efforts by Chinese authorities to combat widespread financial crime.
Aside that the People’s Bank of China (PBOC) had revealed plans to launch its own digital currency, it could be recalled that the China Banking Regulatory Commission had warned financial companies not to use the word “bank” loosely in their names. China’s authorities had also pledged to clamp down on online fraud in March.
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