Baidu removes virtual currency advertising

The details about Baidu stopping all cryptocurrency ads comes from two China-based Bitcoin exchanges, OKCoin and Huobi.

Ironically, Baidu participated as a partner in a USD 60 million funding round in June 2016, helping China-based Circle raise capital. The funding was led by Beijing-based venture capital firm IDG Capital Partners, the funding round includes global venture capital and private equity firm Breyer Capital.

Baidu may have banned the ads, but the topic of using Bitcoin or other digital currencies continues. Recently, R3 CEV has revealed to have been working at creating standards for financial services based on blockchain technology, the open-ledger system used to trade the virtual currency Bitcoin with a goal to sell the product to banks.