GOOGLE sheepishly follow Facebook and Twitter as they ban Cryptocurrency ads in contradicting decision.
Analysts are calling these bans unethical as they directly contradict the companies’ own goals in the blockchain industry.
Facebook and Twitter had also made overall positive comments about the future of blockchain which directly contradict the actions of the companies.
Ultimately, these blanket bans will affect all crypto businesses which seek to provide real value to the world and their users.
It’s not entirely unjustified though. The largely unregulated nature of the cryptocurrency industry has provided ample opportunities for fraud and ICO scams.
Speaking to The Cryptograph, Google mentioned that the reason for this is that financial products and transactions like crypto are speculative and that this update to their financial policy would help protect users. Banning such advertisements would protect unsuspecting investors.
What angers many legitimate businesses out there and their investors are that these scams aren’t only limited to crypto markets.
Ponzi schemes and fraud are rife in almost every industry but Google hasn’t made such huge efforts to limit this like it has in this case.
Phillip Nunn, CEO of UK investment firm Blackmore Group, has suggested that perhaps this was a move for Google to help position its own virtual asset while eliminating existing competition.
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms,” he added.
Whilst the crypto space is littered with rumors of Tech giants like Amazon, Google, and Apple all bringing out their own coin. These, for now, are still rumors and may stay rumors forever until we have more solid evidence for this argument.
Where to go from here?
Although controversial, the news failed to impact the crypto market with Bitcoin being able to sustain new support at around $7500.
Some analysts say that major cryptocurrencies like Bitcoin and Ethereum do not need advertising and that the ban would have no major effect as they are already known among investors.
In fact, some even argue that these bans are bullish signs for the market as they will weed out scam coins and install confidence among investors in legitimate coins.
Weeding out scam coins, in turn, will eventually limit the overall supply of coins, and therefore, help the prices of major cryptocurrencies rally.