Two months after Facebook put a hold on bitcoin-related ads in order to fight fraudulent content regarding digital assets, Google has decided to join the biggest social media network in prohibiting similar Bitcoin-related advertisements. The largest digital brand and multinational tech company on the planet issued an official statement on Tuesday, March 13th, saying that certain policy changes regarding financial services and digital money will be brought into effect in June. Previously Facebook put a hold on cypto related ads.
The new regulation will affect video-sharing services such as YouTube, third-party websites with AdWords space and, of course, the search engine result pages. Banning ads for Bitcoin, Litecoin, Ethereum and other alternative cryptocurrencies due to deceptive information and evasive promotions will have a huge effect on the Internet, since both companies make up the majority of advertising in terms of revenue and presence.
In the announcement from Google it is also specified that initial coin offerings, e-currency exchanges, digital wallets and trading advice will also fall under the ban. Bitcoin scammers use online advertising platforms at large to locate and recruit possible fraud victims and cryptocurrency rookies by offering better prices for leading virtual assets. Last year in December, when the price of BTC reached a staggering $19,783.06, the market was swarmed with cryptocurrency ads including ICOs, start-ups and blockchain disclosures!
Due to an increased number of such commercials many regulators expressed skepticism about initial coin offerings, since it turned out to be a quick way to raise funds or even launder money. According to the American regulators, many previous coin offerings were illegal, which is the main reason why the prices of cryptocurrencies decreased. To put an end to such activities, Google has applied similar limits on other forms of ads such as sexually explicit content etc.
Source:
“Google Bans Bitcoin Advertisements in Policy Change”, Wakabayashi Daisuke, nytimes.com, March 14, 2018.
asanfa
6 years ago
GOOD! Bitcoin is such a confusing and unessacery payment option, why make such a high exchange rate in the first place let alone make it as an option for deposits? Having to calculate the amount the bitcoin you have in $ - happy to see bitcoin go!
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CBG
6 years ago
i think ultimately this is a good thing for crypto. the sooner we have more order and regulation ( even though it goes against the idea of decentralization ) and the more safer environment the better IMO.
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mafalda
6 years ago
Well, Bitcoin and other cryptocurrencies still have a lot of regulatory issues to deal with so that might be the biggest reason why companies like Google and Facebook decided to perform this act.
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zuga
6 years ago
not really surprised knowing FB already did this recently, I reckon Twitter is next.
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Alex and R
6 years ago
Personally, it surprised me to see that Facebook exceeded Google in bringing such an important decision. After all, Google "controls" the Internet due to its highly advanced content algorithms and can literally choose what goes live and what doesn't. When two major media influencers put a ban on cryptocurrency ads for the...
Personally, it surprised me to see that Facebook exceeded Google in bringing such an important decision. After all, Google "controls" the Internet due to its highly advanced content algorithms and can literally choose what goes live and what doesn't. When two major media influencers put a ban on cryptocurrency ads for the sake of users or potential victims I get a strange feeling that conspiracy theorists will have their hands full in no time...
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LadyEnygma
6 years ago
Although this is surprising, I can see why they are doing this. I've seen so many "False" mining sites! The search of Bitcoin on Google gives so many results these days. The transition of Bitcoin to USD and Vice versa, lately has been such a fluctuation! I can understand though why google has made this decision.
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Andreas_V
6 years ago
Quite the unexpected move by Google. I can see the reasoning behind it (or at least, the official explanation which may or may not be honest), but this will be a big blow for cryptocurrencies, at least temporary.
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jade
6 years ago
I'm sure Google joining Facebook will have a greater impact, but waiting until June sends another message first. This is going to be one of those wait and see what happens. If there was only one cryptocurrency in existence, Bitcoin for example, the outcome could be more easily predicted. But, there are other virtual...
I'm sure Google joining Facebook will have a greater impact, but waiting until June sends another message first. This is going to be one of those wait and see what happens. If there was only one cryptocurrency in existence, Bitcoin for example, the outcome could be more easily predicted. But, there are other virtual currencies that not only exist, but continue to thrive. Those facts are difficult to dispute. Who knows what may happen between now and June that could change everything, again. I don't know the answers to any questions, but I don't think that virtual currency is leaving us, anytime soon.
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