Bitcoin has started to rebuild its reputation after the dramatic closure of Silk Road, the online drugs dealer, by reaching a deal with China’s biggest search engine.

Baidu, known as the “Google of China”, has announced that it is accepting payment in bitcoin, the virtual currency, for its Jiasule service that improves the performance, speed and security of websites.

Jon Matonis, executive director of the Bitcoin Foundation, the respectable public face of Bitcoin, said that the announcement was “encouraging news”, particularly because it came from China and a Nasdaq-listed company.

He added: “I am confident that as more companies see the benefits of frictionless payments with low fees, immediate settlement and zero chargebacks, they will want to accept bitcoin simply to remain competitive.”

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