Bitcoin News Today: China Bans Bitcoin Advertising

26th August 2016

Bitcoin news today announced that China’s leading search engine Baidu decided to ban  Bitcoin keyword advertising permanently. Chinese Bitcoin users won’t be able to access private cryptocurrency ads any more.

According to the latest online gambling news, China’s leading search engine Baidu banned Bitcoin ads for good. Cryptocurrency firms won’t be able to access the Chinese users through Baidu. It has caused a shocking effect in the China online gambling fans as Bitcoin use is quite common among the online gambling fans in the country.

As a matter of fact Chinese online gambling laws restrict access to online gambling sites in China. However, some off shore online casinos and the popular Bitcoin casinos are still active in the country. China Bitcoin news outlets claim that cryptocurrencies are not online used for online gambling related purposes but also for trading. Therefore, the ban will effect the development of the cryptocurrency development in China.

Bitcoin News Today Points outs 2 Essential Reasons behind the Ban

Baidu’s ban on the cryptocurrency ads has brought different rumors with it as the company hasn’t announced the reason of their latest act according to the Bitcoin news today. Baidu has the power to control the internet access in China as it is the major search engine as access to Google is restricted in the country.

According to Coin Telegraph’s report, there are two possible reasons behind the ban. First possible reason is that Baidu aims to diminish the high volume of Ponzi schemes or scam-like cryptocurrency advertisements to protect the web users in China. Considering the fact that Baidu invested on a Bitcoin-based money sending application only two months ago, it is possible that only the legal cryptocurrencies will be allowed and the rest will be ruled out. Otherwise, they will need to ban their own product.

The second reason can be the pressure from the Chinese government. It is known that the Chinese government is working on the state-owned cryptocurrency providers. Therefore, their aim might be pushing for the advertisements of the state-owned and government controlled Block chain networks and cryptocurrencies.

Whatever is the reason, the foreign Cryptocurrencies won’t be easily accessible for the Chinese internet users from now on unless Baidu allows some reliable Bitcoin providers in the near future.