Why did google ban cryptocurrency ads?
Google banned cryptocurrency ads. Why? Cryptocurrency enthusiasts were shocked and unhappy about this decision by Google. Some people are also considering this unfair but Google is a multinational technology company and can take such business decisions. The major reason why Google did this was as some people started running petty Crypto-Currency scams and Google Advertisement was the primary way for these scammers to get people involved. In fact, Crypto enthusiasts should be happy with this decision. The technological world is advancing rapidly but we need to take precautions to protect us from the ill effects! Even Facebook imposed a similar ban earlier this year. This means that the companies who are offering legitimate cryptocurrency cannot advertise as well. Even the Initial Coin Offerings have been banned from Google advertisements. According to the reports, 80% of the Initial Coin Offering’s advertised are fraudulent. Google is the largest online ad provider and sometimes steps like these are necessary to protect and give the right direction to emerging technological advancements. Google’s parent company Alphabet makes around 80 to 85 percent of their total revenue from advertising. The major downside is that the ban covers all of the advertisement topics and anything related to it listed below –
“Initial Coin Offerings”
“Crypto trading advice”
According to Google, this update will be effective in June 2018.
Finance industry reaction to a ban!
The finance industry was not very welcoming with this decision and called it as an unethical and rash one. Many in the finance industry also used words like unfair and troubling for this ban. The same reaction was given by the finance industry when Facebook and Twitter enacted similar bans. So, this was kind of expected. Although people still used Facebook but by exploiting loopholes like Replacing the letter O in Bitcoin with a number 0 or using abbreviations like C-Currency. People are furious about why other unethical practices are allowed to advertise on such platforms like gambling etc. The industry called the ban too broad and wanted it to be focused on scams. This ban also affected the price of almost all the cryptocurrencies.
What is Google planning?
Many analysts and experts suspect that both Google and Facebook are planning on introducing their own cryptocurrencies. There was a hint that Google is exploring this field buy an inside person to the representative of Blog Business Insider although he claimed that it is too early to say anything right now. Facebook also indicated similar plans and was taking a keen interest in blockchain technology. Google has to make sure that their advertising is safe and regulated because it is the primary source of company’s revenue. So, either Google is avoiding shooting themselves in the foot or it won’t be too long before we hear about Google coin. Whatever the case maybe the most to suffer from this ban will be the genuine crypto companies!