Supposedly, their main reason is that they cannot control fraud from ICOs, and with that they have decided to ban all crypto related ads, ICOs, exchanges, wallets etc.
ICO (Initial Coin Offering) are unregulated fundraisers where startups sell their crypto token projects in exchange for cryptocurrencies like bitcoin or Ethereum.
Let’s start by saying no serious company is okay with any kind of fraud period, and there are serious cryptocurrency companies who also happen to be unhappy with all the falsified activities around cryptos, such as Winco, Ethereum, Bitcoin, Litecoin etc. that are being placed into a position they do not belong. Companies that have proven themselves to be legitimate will also have their ads banned alongside with fraudulent activities. Seems unfair doesn’t it?
But when you think of it, the only people who are truly upset with this ban are con-artists. Larger, more established companies won’t feel this ban as much as startups. So yes, they are bothered and even though it seems radical to ban all, the real ones who are upset are scammers. So that’s good. lol
Now, legit cryptocurrency companies desire for regulations just as much as any of these platforms banning it, but they depend on governments to come together in agreement, waiting, as the G20 has the power to take it to the next level.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Scott Spencer- Google Director (via CNBC.com).
Facebook, Twitter, Instagram and Snapchat all have joined the largest search engine in tackling crypto related ads in hopes to turn down fraudulent crypto related activities.
Don’t freak out.
Check out our blog titled:
It may help you to understand the rollercoaster ride this market really is, your psychological plays a very important role, and understanding it may guarantee your success story.
And also, “WHAT IS AN ICO” , an important read on how to keep yourself SAFE when entering ICOs.
It is important to understand these platforms DO NOT HATE cryptocurrency, but instead are being “pushed” to regulate something they cannot do it for themselves. Even though I must say, I cannot just see this as a safety precautions matter, this seems to have other intentions, because every single reason used by these companies are the very things we already have to deal with when it comes to any type of fraud non-crypto related.
How is google and them keeping people safe from any level of fraud? I guarantee you there are many fraudulent ads on all of these platforms, fake accounts, ripping people off daily, but they are still, there right? Why? Because it is impossible to track, unless you ban all types of ads. With that being said, doesn’t the same apply to the cryptocurrency world? Apparently not, the question is why not?
There has been an ongoing discussion on how to regulate cryptos and its activities by the G20 (a group of influential countries) and the FSB (Financial Stability Board who coordinates the financial stability for G20.) and we hope they are shaken to move a bit faster now.
Here are some positive quotes from the platforms banning cryptos, just to show they are not necessarily against cryptos, in fact they are investors themselves:
“There are important counter-trends to this, like encryption and cryptocurrency, that take power from centralized systems and put it back into people’s hands. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.” — said Mark Zuckerberg
“The world ultimately will have a single currency. The Internet will have a single currency. I personally believe that it will be Bitcoin, probably over ten years, but it could go faster.”- said Twitter’s CEO Jack Dorsey
Who also said “It’s slow and it’s costly, but as more and more people have it, those things go away. There are newer technologies that build off of Blockchain and make it more approachable.” — (quotes via cointelegraph.com)
Hey listen, cryptos are suffering a little resistance per se, but as expected. Yes?
So, what now?
No one knows. And we may not know it for months, this will only take affect for Google after June 2018, Facebook has already taken some measures back in January, now Twitter has joined. But meantime as we all wait for regulatory guidelines to be set in place for cryptocurrency and its activities, lets hope things will speed-up and have this ban reversed. Because it will be at some point. Cryptocurrency and Blockchain are the legit future.
At the end of the day, I can see a positive note born out of this, which is an urgency to regulate cryptocurrencies.
There are global groups being formed right now to sue Google, Facebook and Twitter over this ban. Like Russian cryptos, Korean and Chinese.
So, let’s just presume that after a little chaos, REGULATIONS will end up being the answer to many after all.
NEW ADS POLICY FOR FACEBOOK (Facebook has already reversed it´s decision and is currently working on it´s own cryptocurrency.)