As China moves to crackdown on cryptocurrencies, major companies are quickly distancing themselves from digital currency.
In fact, Baidu just joined a growing list of companies doing so.
Baidu is now filtering, deleting and banning any cryptocurrency-related publications on its Reddit-like Baidu Tieba forum platform. Already, cryptocurrency content on the forums has “disappeared without a trace.”
This follows news that WeChat also shut down crypto related discussions on its WeChat messaging platform.
Monitoring the Cryptocurrency Markets
However, the ban in China may not be entirely effective. Baidu found that efforts to limit cryptocurrency-related information have not been very successful because crypto investors are communicating on overseas channels such as Telegram and Facebook. Both are beyond the reach of the Chinese authorities.
Widening its Crackdown
It’s not just cryptocurrency firms facing the heat, though.
The country is also going after hotels, office buildings, and shopping malls, too. None of them can host marketing events involving cryptocurrencies any longer. The government is also using WeChat to tighten the flow of information on cryptocurrencies. This is part of a larger effort to regulate social media, an important channel to cryptocurrency traders.
While cryptocurrencies are in the crosshairs, China still supports blockchain technology
The China Internet Report 2018 highlights the country’s efforts to become a blockchain leader.
In fact, President Xi Jinping wants to use blockchain to build a smart city.
Blockchain technology, artificial intelligence, and the Internet of Things are all major components of the “smart cities.”
According to Smart Cities World, “China is taking a more collaborative approach than some countries to smart cities by using the strengths of its top technology companies: Ping An (P), Alibaba (A), Tencent (T), and Huawei (H) to develop the PATH to Smart Cities initiative. So far over 500 cities in China have plans for smart city development.”