At least if China is using the term correctly, a ban on virtual currencies would indeed not impact Bitcoin, which is a digital currency, and specifically, within that category, the leading cryptocurrency.  "Virtual currency" is a narrow term referring, generally, to currencies used within virtual worlds or other gaming environments, whose primary purpose is to purchase in-world items.  China outlawed using these for the purchase of out-of-world items, largely as an anti-fraud measure, because as virtual currencies began to acquire real-world value, they were used for illegal purposes but, more importantly, were susceptible to insiders simply "printing" themselves as much virtual currency as they wanted for their own personal profit.  Specifically, an executive at Shanda Interactive Entertainment was sentenced to prison for creating a large amount of virtual currency for his own profit.

While Bitcoin has the same susceptibility to fraud and use in illegal activities as cash, it does not have the much more serious problem of one person unilaterally being able to create value out of thin air (essentially stealing it from other holders by deflating their holdings).  So if Baidu is doing this, I think they're on pretty solid ground.  If the Chinese government does ban Bitcoin, it will probably not be for the same reason as they banned using virtual currencies for real world purchases, as those reasons really only apply to virtual currencies that can be created willy-nilly by one entity.