Google Lifting Its Controversial Crypto Ad Ban In October.
Google has decided to end its crypto ad ban beginning this October. However, the new policy update will only allow certain types of ads to run. By doing this,
Google will follow in the footsteps of Facebook which decided to let some crypto-related advertisements back on the platform.
Crypto Exchanges Can Only Buy Ads In Two Nations
The new Google policy starts in October and will allow regulated cryptocurrency exchanges to purchase ads in Japan and the United States. It’s a reversal on the original restrictions that were imposed by Google in March and took effect in June.
The restrictions were supposed to protect consumers. They included bans on initial coin offerings, trading advice, and crypto wallets ads which are all not allowed under the new policy.
While the crypto boom has produced both excitement and wealth, it has also created high profile scams. It’s the prevalence of these scams that inspired the likes of Google, Facebook, Twitter, and Snap to take action at various points this year and crack down on all crypto related advertisements.
The bans were meant to stop the bad actors, but their initial hardline approaches prevented even legitimate crypto businesses from buying ads.
At the time of the ban, Scott Spencer of Google told CNBC:
“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.”
Now the updated policy will apply to advertisers all over the world. But, the ads can only run in Japan and the U.S. So all interested parties will have to apply for certificates to run ads in each country individually.
This decision to lift some form of crypto advertising follows that of Facebook who in June decided to start allowing preapproved crypto advertisements.
Welcoming back crypto ads will bolster Google revenues. Alphabet, Google’s parent company, gets roughly 86 percent of its income from advertising. The company has already made $54 billion in ads in the first half of 2018.
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology