In a move that is similar to Facebook’s earlier this year, Google has moved to ban cryptocurrency. In a notice they’ve made available, they say that the move will come into effect in June. However, they did not give an explanation why. This move will affect initial coin offerings campaigns, bitcoin exchanges and the digital wallets responsible for storing the assets and trading advice. It will also affect ads that are usually displayed in its search results. Those that are on YouTube and those placed through third party sites by use of their ad platforms will also be affected negatively.
Some of Google’s Ad words service users had reported a decline in the performance of their cryptocurrency campaigns ahead of the announcement. However, the giant in technology has said that at that point, their policy had been unchanged. Google’s decision added that they would be regulating and putting restrictions on other financial related ads. These will include spreading betting and contract for difference. A CFD is an agreement between a buyer and seller. At the end of the specified time, the seller gives the buyer the difference between the starting value of the asset and its current value, but if the value has gone down, the buyer has to provide the seller with the difference.
Relevant regulators in targeted countries and Google itself will have to certify Ad word users. Attack of the 50ft Blockchain author, David Gerard, offered his opinion on the move. He said that all this would take down risk-filled investments that are separated from gambling by a thin margin. According to him, those things are wrong in targeting ordinary people. Proper traders and accredited investors are another stories as they are rich and their wealth is their issue. The cryptocurrency cynic holds that it was all a good move.
The value of the Bitcoin, Ripple, and Ethereum all dipped after the notice was released. Companies with legitimate cryptocurrency offerings will also be unable to place ads on Google. Google’s director of sustainable ads, Scott Spencer, added that it’s an area they want to approach with absolute caution. The cryptocurrency boom, while giving lots of returns on investment, has also brought into effect many internet scams. Google is releasing its annual “trust and safety “ads report as this is happening. Alphabet, Google’s parent company, makes approximately 80% of its revenue from advertising. That is what makes convincing advertisers of the effectiveness and safety of their ecosystem so important.
Dil Bole Oberoi
