Published on April 24th, 2018 | by Guest0
Google and Facebook ban cryptocurrency ads: Will it’s era end before the beginning?
The rise in prices of bitcoin had put the world in a frenzy and led to many other companies and individuals launching their own cryptocurrency. This, where resulted in the beginning of a new age of crypto business, the chances of buyers and investors falling prey to scams multiplied too. Every day, an amount as big as almost $9 million is lost to cryptocurrency scams, which shows how the racquet of crypto-fraud is expanding with time. In the wake of the same events, search engine and social media giants like Google, Facebook and Twitter have decided to ban the cryptocurrency ads from their platforms, to avoid taking responsibility for the scam that these currencies can potentially be.
Google and Facebook, now along with Twitter are changing their financial service-related policies for running ads and promotional content to keep the service as authentic as possible. The director of Google for sustainable ads, Mr Scott Spencer remarked in a statement that the company, considering it a threat to their reputation, is planning to ban all the advertisements related to cryptocurrency, Initial Coin Opening (ICO), cryptocurrency wallets and trading advice.
This initiative, where, is going to cut the roots of fraudulent crypto developers, its also going to lower market opportunities for the genuine virtual currency that can put a good share in the market. This move will put behind the legitimate cryptocurrency offerings as it would be blocked to run its ads on Google’s ad product, which puts ads on its own platform and also refer other websites to place them too.
In January this year, the first to announce its disapproval of fraudulent token sale, Ponzi scheme and ICO fraud in order to take a strict action by banning advertisements was Facebook. The same stance was later taken by search engine giant Google, that has decided to remain vigilant of the advertisements that are put on their site, so no follower can be misguided by the possible fraud the currency owners might be trying to pull them in. However, the steps are being taken on the policy side, as the owners and CEOs of these social media sites have been real supporters of the newly developing cryptocurrency phenomenon and business. These heads have been all praise for the blockchain that also works as an underlying technology in cryptocurrency, but it can also not be denied that despite the security guarantee that blockchain provides, there are many coins that escape the circumference and trap buyers and users in a scam.
The CEO and founder of Facebook Mark Zuckerberg in one of his posts, earlier this year, wrote about the revolution that the cryptocurrency is going to cause. He was also seen becoming a part of the centralization versus decentralization debate, where he thought the decentralization aspect of the cryptocurrency was going to rule the world. Followed by this, the policy for the banning of the crypto advertisements was soon announced. The decision, according to sources came on the account of Facebook willing to maintain its credibility. While on the other hand, another scam against Facebook itself came under the spotlight, which targeted Zuckerberg for misusing the Facebook Analytics data and violating the privacy of its users. This turned the events for the CEO and he now regrets his decision for showing support for the decentralized and unregulated system.
The banning of cryptocurrency ads from Facebook also involves the implementation of the same policy for Instagram too, which also has his rights purchased by the Facebook.
Twitter, in the recent development, has decided to follow Facebook policy and ban ads from its platform. The search engine Google too is going to ban advertisements from its site and keep a check on the crypto related content that’s allowed on their site.
Many other platforms are also in line with the policy to not allow any cryptocurrency related stuff on their sites, as the currencies are unregulated and there is a high chance of letting a fraudulent coin go undetected. This step if had not been taken could badly damage the reputation of these sites and let people lose their trust in them.
What’s for cryptocurrency now?
It’s true that the current times can be called the age of cryptocurrency, but there is no guarantee as the currencies are not regulated by any central authority that can verify the authenticity of the coin that is being circulated. This instance is definitely going to remove the bad boys in the game, that are the fake currencies, but its also going to close doors of opportunity for many genuine currencies that are planning to make a place in the market. There is a dire need at this time for a partial if not full regulation for the cryptocurrencies so such policies do not affect the genuine players in the market.
Waqas Javed is a digital marketing strategist and helping companies to maximize online reach with his unparalleled skills. He has a practical experience of more than 5 years. Currently, he is serving at Pacsquare Technologies where he is working on optimization and promoting of the company.