Google to ban advertisements on cryptocurrencies and related products

Bitcoin the largest cryptocurrency by market value pared an advance of about 2% after Google’s announcement

As of March 13th, however, Google published "Financial Services: New restricted financial products policy (June 2018), announcing it "will update the Financial service's policy to restrict the advertisement of" cryptocurrencies and related content".

After Facebook announced to ban cryptocurrency related ads earlier this year, it's the search engine giant Google, which is set to ban all cryptocurrency-related ads including ICOs. The ban on cryptocurrencies also covers "related content", which broadly envelopes things like ICOs, cryptocurrency wallets, crypto exchanges and advice.

Google has updated its ads policy to confirm that cryptocurrency and ICO-related ads will no longer be accepted.

While the warning from the International Monetary Fund and Google's ban on Cryptocurrency ads are not directly related, they do pose a larger question surrounding how people are abusing the cryptocurrency craze and using it for illegal activities like black markets, fraud and scams targeted through ads. "And, we removed 66 million "trick-to-click" ads as well as 48 million ads that were attempting to get users to install unwanted software".

Last year, for instance, Google pulled 79 million ads for luring online clickers to websites with malware. "Throughout all of 2017, we reviewed over 11,000 websites for potentially containing misrepresentative or misleading content and we suspended more than 650 websites and terminated 90 publishers from our ad network". That's more than 100 bad ads per second!

Google's announcement is similar to one that Facebook made in January prohibiting ads that promote financial products and services associated with crypto-currencies, initial coin offering and binary options. Facebook also emphasized in a blog post that it wants users to continue to discover and learn about new products and services through its platform "without fear of scams or deception".

Bitcoin, an unregulated cryptocurrency built upon the decentralized ledger called blockchain, has earned the ire of governments and regulatory bodies globally for a number of reasons, including volatility and lack of oversight. "This policy will apply globally to all accounts that advertise these financial products". But a Google spokeswoman said the Google's policies will try to anticipate workarounds like this.

With Google and Facebook both agreeing that Cryptocurrency advertisments are unsafe, this should ideally eliminate a significant portion of advertising scams surrounding cryptocurrency. This means that the $233 million (USD) invested in these cryptocurrencies has led to no returns for investors. "But such policies to blanket ban certain products will have an adverse impact on its adoption as well", Mishra told IANS.

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