Bitcoins no longer accepted on Baidu

Bitcoins no longer accepted on Baidu With the nation’s central bank decision to barr financial institutions from handling bitcoin transactions, Chinese search engine Baidu, has stopped accepted bitcoins on any of its online properties.

“Baidu’s website-acceleration platform decided to suspend Bitcoin payment acceptance from Friday as recent large fluctuations in Bitcoin’s value makes it unable to safeguard users’ interests,” the company said in a statement, as stated by Bloomberg.

Baidu is world’s one of the most visited site. A Baidu website-hosting venture – Jiasule unit, which provides online security and firewall services, started accepting Bitcoins on Oct. 14 as the digital currency gained popularity in China, followed by a global craze.

Post Baidu’s decision to accept bitcoins, the price of bitcoin has plunged more than 20% in value. According to MtGox exchange, the value of Bitcoin exchange virtual currency which stood at somewhere around USD 1000 on Thursday morning, has dropped to a USD 800 mark.

The price of bitcoin hit USD 1,000 for the first time in November and continued climbing to USD 1,200. Its fluctuations since early this year can be seen in the chart given below –