China’s ongoing harsh suppression of any activities related to the cryptocurrency.
In the latest round of large-scale social networks and search engines have ceased to display advertising or sponsored content associated with Bitcoin and other cryptocurrencies.
The last few months were not easy for the cryptocurrency in mainland China. First, the people’s Bank of China banned the ICO, stating that over 90% of these projects were fraudulent. Later, was attacked bitcoin mining. Now from the Chinese social networking gone cryptocurrency ad.
So, that search queries containing the words “bitcoin”, “cryptocurrency” and “ICO”, users are only news material. It is known that advertising associated with the digital asset, has ceased to display the country’s largest search engine Baidu and the Chinese equivalent of Twitter — Weibo.
Representatives Weibo confirmed that the site in the moment really blocks all the ads associated with Bitcoin and other cryptocurrencies. In Baidu situation to comment on.
We will remind, earlier this week, is a cryptocurrency and the ICO has banned Facebook. As stated by the company, advertisements must be reliable and gain the trust of people. But if advertising in Facebook can replace advertising in Reddit and Twitter, to find an alternative platform in China.
The Central government keeps online content under iron control. The amount of Internet censorship in China is staggering. The number of available alternative platforms for advertising cryptocurrency in fact is zero.
China is a Communist country, where the economy is controlled by the Central government, therefore, the prohibitions of this kind is easily explained. The promise of unbridled economic freedom, which will give the cryptocurrency goes against the ideology of the government.
After the official ban of the internal cryptocurrency exchanges, ICO in China continued, as the trade of digital currencies, investors and traders shifted to the foreign markets. Countries such as Japan and Singapore, benefit from the actions of the Chinese government.
It is interesting to observe how the fate of the project NEO, based on recent events. This coin is very popular among Chinese traders, it was even named “Chinese Ethereum”.
The concern is not a ban on trade, and the fact that startups will have to return funds received under the ICO. Chinese investors had hoped that NEO will be able to offer a superior platform for the ICO.
NEO was the only cryptocurrency that is normally felt during the January drop. However, from 1 February on the background of the actions of the Chinese regulators its price has decreased by 32% in just four days. China continues to adversely affect the price of the cryptocurrency.