Bitcoin industry experts have predicted a drop in the growth of the online currency following Baidu's decision to stop all bitcoin advertisements on its search engine platform. Last week, Baidu decided to take down not only bitcoin ads but all virtual currency advertisements from its search engine. The company is yet to release an official statement about this decision.

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While Baidu has not commented on the issue, China's largest bitcoin exchange OKCoin said that it received a notice from Baidu before the latter's recent move. Baidu's decision to ban bitcoin advertisements on its platform had led to a public outcry, with some netizens claiming that the decision is the start of bitcoin's downfall.

In a statement acquired by Nikkei Asian Review, a Baidu employee familiar with the issue said, "We are taking stricter measures on healthcare and financial advertisements as they are more high-risk to our business."

In May, Baidu was entangled in a public scandal when a student died after taking medical advice listed on the company's internet search engine platform.

Financial experts have noted that Baidu's recent move to limit bitcoin ads is in line with the Chinese government's efforts to curb financial rime. In March, the Chinese government announced that it is strengthening its efforts against online fraud.

OKCoin claims that China is responsible for at least 30 percent of the global bitcoin trading. However, OKCoin Chief Executive Officer Star Xu said that the lack of sophisticated investment firms catering to bitcoin is a major factor affecting the growth of the industry.

TagsBaidu, baidu bitcoin, bitcoin, baidu bitcoin advertisement, Bitcoin news