Cryptocurrency & ICO Ads Will Be Banned in China
February 5, 2018
Popular Chinese social networks and search engines will stop displaying cryptocurrency-related ads. From now on, when searching words like bitcoin, cryptocurrency or ICO, users will see only articles written by news outlets and journalists.
Currently, this feature is implemented in Weibo, a hybrid of Twitter and Facebook made by Baidu. Representatives of Weibo confirmed this information, and representatives of Baidu declined to make a comment.
It is believed that this ban is most likely caused by the fact that initial coin offerings are prohibited in China. Last year, the People's Bank of China called it a fraud. After that statement, 90% of startups, that conducted an ICO, has returned all raised funds. Since then, Chinese authorities
This is not the first time, when such a measure is taken in China. In 2016, a search engine Baidu without any announcement ceased to display any advertisements related to bitcoin or other digital currencies.
Last week, the most popular social network in the world Facebook has announced its new policy related to cryptocurrency ads, saying that all these ads will be banned due to the fact that they "are frequently associated with misleading or deceptive promotional practices".