Chinese Search Giant Baidu Joins Tencent and Alibaba in Cryptocurrency Blockade

Chinese search giant Baidu has made moves to block crypto related content on its online portals, according to China Times.

LIONBIT

The Beijing based media outlet, reported on Sunday that the search giant plans to restrict or place an outright ban on crypto related topics on the firm’s Reddit-like online form, known as Baidu Tieba.

At the moment, the sub-forums dedicated to “digital currency” and “virtual currency” appear to be unavailable to users. Searching for those keywords also triggers a statement on the forum that reads, “This forum is temporarily closed due to relevant laws, regulations, and policies.” Surprisingly, other sub-forums with ties to cryptocurrencies such as “bitcoin” and “ethereum” remain active on the forum as of press time.

A Baidu Tieba representative said the closure of the subforums could be linked to the company suspecting topics related to initial coin offerings (ICOs) and cryptocurrency speculation were being discussed.

The representative went on to justify the closure by adding “the same with why WeChat did it,” referring to the move by Tencent to block several crypto media on its WeChat messaging platform in a sweeping move to ban all posts about ICOs and crypto trading on its platform.

TIP

At the time of the ban, newly enacted rules from the Chinese government had been blamed as reasons for the closure.

Another Chinese company that has taken a hard stance against cryptocurrency is Alibaba who has vowed to continue monitoring and suspending accounts using Alipay, their mobile payment applications to conduct over-the-counter trading of cryptocurrencies.

Last week, WeChat Pay also released a statement last week prohibiting users from sending or receiving funds related to cryptocurrencies on its social media platform.

“We expect to firmly establish a risk prevention awareness, and actively cooperate with the government to maintain financial order and social stability,” the company noted in a press release.


IZX

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Jimmy Aki
Image Credit


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

 

Crypto Millionaires from China Are Buying Real Estate Abroad Using Bitcoin (BTC)

The early adopters of Bitcoin (BTC), and numerous other cryptocurrencies, have seen their holdings increase in value over the years to astronomical levels. Some early HODLers are choosing to further diversify their crypto holdings into the global real estate industry.

This is the case with the early adopters of Bitcoin in China. Guo Hongcai, a beef salesman by trade, turned early BTC adopter from China’s Shanxi province, is one of the crypto millionaires diversifying their investments by channeling their crypto gains into the global real estate industry. In April, Hongcai sold 500 BTC in the U.S and used the finds to purchase a 100,000 square foot mansion in Los Gatos: a residential area that is a 90 minute drive from San Francisco, California. He also owns a Rolls-Royce that is parked at the property as part of his purchases from the BTC sale.

Hongcai told Coindesk the following with respect to his new found wealth:

It’s very normal to sell bitcoin in the U.S. After selling bitcoin, you can just buy anything you want.

Mr. Hongcai calls his new residence his ‘Mansion of Chives’ for the word ‘Chives’ (which is also a vegetable) is Chinese slang for crypto investors who are vulnerable to big sell-offs.

Hongcai joins other Chinese crypto millionaires who are diversifying their holdings after the Chinese government started clamping down on crypto activities in the country earlier this year. Some have been known to purchase properties directly using crypto. Others use BTC to gain foreign currencies which they use to buy properties with.

Natalia Karayaneva, CEO of Propy, a real estate firm that deals with crypto purchases, had this to say about the new crypto powered real estate industry:

We’re seeing that more and more people are willing to buy properties with cryptocurrencies because it’s getting easier to get their money out of the country using bitcoin, rather than establishing a bank account based in Hong Kong and getting their money out of the country using business channels.

One such property that was listed by Propy earlier on in the year, was being sold for $16 Million with payment options including Bitcoin (BTC), Ethereum (ETH) and XRP (XRP).



Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author John P. Njui 
Image Credit 

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily