There is some good news and a little bad news in the blockchain and cryptoverse. This just in, the $828 billion search engine giant, Google has revoked its ban of crypto related advertisements, thus allowing regulated companies to utilize the platform to advertise their product.
Google imposed the ban on crypto related ads earlier in March, because of the potential risks and threats that it posed. Google executive Scott Spencer even stated that cryptocurrency investments have the potential to harm the financial markets, which was quite a convincing reason for Google to ban all such ads.
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.
Spencer stated further.
Google revoking the very ban it imposed a few months ago is an indication to the game changing perspective of crypto. The fact that Google is demonstrating willingness to work with legitimate crypto projects and companies in the crypto sector, is reassuring for the place of cryptos in todays world, it means that Google knows that cryptos are very real and here to stay.
Reasons leading to the revocation of the ban
Initially, the ban faced quite a lot of back lash from the fin-tech sector, where big names of the industry criticized Google for imposing a blanket ban on the entire industry of crypto. Philip Nunn, the CEO of the Manchester-based investment firm, Blackmore Group even stated that both Facebook and Google, two of the biggest online platforms had shown interest towards the prospects of crypto and blockchain technology, yet they still decided to ban the entire market on their platforms, that too prematurely. He said,
I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices,
Even well-established companies like Coinbase and Binance were also prohibited from acquiring ads on the platform. At the time, multi-billion dollar fintech corporation Revolut Head of Mobile Ed Cooper also expressed his concerns over the imposition of a blanket ban, which unfairly punished legitimate companies working to build robust platforms and services for investors in the market.
Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses, which provide valuable services to users, will be unfairly caught in the crossfire.
Now comes the bad news part. The intent behind Google’s ban was to avoid ponzi schemes and crypto related scams, which by the way are extremely common on every platform. Now with the ban being revoked, the chances of people being conned might rise, even with Google’s stringent counter measures.
Reverse ban goes international
In the coming month of October, only verified companies in the crypto sector of US and Japan will be able to purchase ads on Google. However, companies from other countries have a chance at advertisement placements too. They will be permitted to file applications with Google to publish their ads.
For the sake of investor protection, the move of Google to manually approve ads from blockchain projects and cryptocurrency-related businesses is positive, as it will filter out illegitimate services and scams that could impact both Google and the cryptocurrency industry negatively.