Google’s decision to ban all cryptocurrency and Bitcoin advertisements on its platform is being condemned by industry experts. Many are also accusing them of double standards as gambling websites and other unethical practices continue to thrive. Even though law makers and government world over including developing countries like India are contemplating ban of Bitcoin and other crytocurrencies, experts think Google has vested interest in deciding to ban cryptocurrencies advertisements.
Google along with Facebook and Twitter had announced the ban of cryptocurrency ads on their website way back in March this year. The policy is effective from this month onwards.
However, both Google and Facebook have offlate expressed their interest in cryptocurrencies and blockchain technology, thereby giving rise to speculation that these social media giants plan to launch their own cryptocurrency into the market sooner or later.
While the ban is not entirely unjustified, it is unfair on legitimate players in the crypto space. While talking about this, Ed Cooper from Revolut (digital banking startup) also added that scams and false advertisements are everywhere and is not prevalent only in the cryptocurrency market. He further pointed out that Google has not banned any of those products advertisements. According to him, they must be able to establish a more targeted filtering algorithm, thereby reducing the scam ads.
Cryptocurrency ads ban on social media sites and their vested interests
Ads for the following will no longer be allowed to serve … Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.
Speaking about the social media sites need to regulate what their users are reading, CEO of Manchester-based investment firm Blackmore Group, Phillip Nunn, said that the sites continue to advertise gambling websites and many other unethical practices.
Nunn is of the opinion that the ban has been placed with an ulterior motive. According to him, Google and Facebook plan to introduce their own cryptocurrency to the market very soon and hence they want to remove advertisements of other cryptocurrencies.
All we can do for now is to wait and watch.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]