According to local news outlet, South China Morning Post (SCMP), tech firm specializing in Internet-based services, Baidu has joined forces with Chinese investment firm, Tencent and e-commerce firm, Alibaba to establish “anti-crypto measures”.
Baidu, online platform that is typically dubbed as Asia’s google, has since shut down two crypto chat forums due to the lack of compliance with set rules and regulations. Tencent has also taken its own actions in limiting crypto participation by setting similar bans and monitoring peer to peer transactions taking place on its platform. Surprisingly, renowned, Alibaba was the one to get the bans started.
China has been working towards placing bans on cryptocurrencies and ICOs since 2017, but actions speak louder than words and 2018 is the country’s time of execution. They are banning its entirety by not only targeting ICOs, but also any related news and transactions made.
On Wednesday, August 22, messaging and social media platform, WeChat, created by Tencent, closed accounts belonging to crypto investors and businesses. Similarly, Bitcoin Exchange Guide reported that several crypto news related accounts were closed as well, including CoinDaily, Huobi News, Jinse and more. While the reasons as to why such a sudden ban was placed on said accounts remained very vague, the bans only seem to come into existence at fast rates.
For instance, on Saturday, August 25, People’s Bank of China has allegedly warned users taking part in Initial Coin Offerings (ICOs), noting that once caught, said individuals and firms will have to face the consequences.
Anyone using online payment platform, Alipay for exchanging Bitcoin will find their accounts closed without warning as well. According to Coin Telegraph, the firm will utilize search terms to see how often such topics are discussed and which accounts support such information.
By the looks of it, it seems like China will neither back down nor lift the cryptocurrency bans. Does this mean that China has officially backed out of the blockchain and cryptocurrency industry altogether?