In less than a week from Tencent banning major news media channels on its indigenous, social-media platform ‘WeChat’, two more of the crucial internet players in China – namely Baidu and Alibaba – have shut down cryptocurrency forums and transactions in support of Beijing’s attempt to completely decimate the cryptocurrency revolution on the Chinese mainland.
Baidu, the sixth-largest search engine in terms of search volume, brought the curtain down on some of its favourite chat rooms like Digital Currency Bar and Virtual Currency Bar, which were started for discussing cryptocurrency-related affairs. However, users trying to access these chat rooms have displayed a message stating that the chat windows are ‘temporarily’ closed.
Similarly, Ant Financial – a subsidiary of Alibaba Group – announced that it would effectively restrict any cryptocurrency-related transactions like ICO investments, crypto-trading, P2P transactions etc. on its payments solution ‘Alipay’. The official statement by the company also made it clear that daily transactions on its payment platform will be screened on a real-time basis, and would restrict or entirely ban doubtful accounts involved in acquiring or transferring crypto.
Last week, Tencent announced that it has permanently closed about 8 news channels on its platform ‘WeChat’ that were suspected of spreading informative content created around ICOs and cryptocurrencies. The move by Tencent is said to have a significant impact on the cryptocurrency scenario in China, as WeChat has more than 800 million active users on board.
In the recent past, China has been quite aggressive at bringing down the cryptocurrency trade and ICO culture in the country. Not only digital, but the government is controlling even physical gatherings related to cryptocurrencies in different locations, as a few weeks back, Chaoyang district office instructed hotels and other event venues, not to host such events.
However, what the cryptocurrency enthusiasts are still unable to forget is the Chinese crackdown on cryptocurrency trading and ICOs in September 2017 that marked the beginning of all the chaos that prevails in China in the present day.