Google lifts its ban on cryptocurrency advertisements and commercials, in the U.S. and Japan.
The company also plans to allow legal crypto exchanges to display ads in these countries, and the new policy is expected to kick off in October.
In March, Google updated its financial services ad policies to restrict any advertisement about cryptocurrencies, Initial Coin Offerings (ICO), Wallets and trading advice. Now, Google is reversing the course with a new policy where regulated exchanges will be able to display ads in the U.S and Japan. Advertising about ICO’s, Wallets and trading is still restricted.
Although cryptocurrencies are high ROI investments, the market is plagued with high profile scams and frauds. Google, Facebook, Twitter and Snapdeal, all imposed stringent restrictions on cryptocurrency ads.
Google’s member, Scott Spencer, made a statement during the earlier ban. Spencer believes that even though the company doesn’t know the future of cryptocurrencies, there is enough scope for consumer harm. Google intends to deal with the industry with extreme caution.
Google’s new policy applies to advertisers globally, even though the ads can only run in the United States and Japan. The interested firms are expected to apply for certification to run the ads in each country, individually.
Alphabet gets approximately 86% of its total income from advertising and commercials. The company booked almost $54 billion in ad revenue in the first half of 2018. Facebook, a huge social media platform, also advertised cryptocurrencies back in June.
However, the certification process seems complicated in an era where social media platforms like Facebook has lost its credibility as a platform.
The lessons learned from the last bull run will be very valuable for the next one.The reversal of the ban can be considered as a small step towards the legalisation of cryptocurrencies.
Cryptocurrency advertisements on major platforms like Google is bound to increase awareness about the industry. Although digital currencies are recognized as legal commodities in some countries, most of the world is yet to embrace the asset. The U.S. does not recognize cryptocurrencies as legal tender; major crypto-firms actually consider relocating to other countries with favorable regulations. The lift in the ad ban on Google is expected to positively impact the crypto-industry by helping investors and crypto-firms to connect.
Many firms in the industry offer products and services that can optimize day-to-day interactions and trades. Panaesha Capital is a Singapore-based fintech firm with tools in the realm of cryptocurrencies and blockchain technology.
What do you think about Google’s ban reversal? Will it positively affect the market? Comment below.