Ever since cryptocurrency has grabbed the spotlight, its impact chart is on a roller coaster ride, sometimes too up, sometimes horribly down. After being criticized on many tech-oriented platforms, crypto has to face another blow towards its downfall. Google app has decided to put a ban on cryptocurrency ads.
A month ago, Facebook app put a blanket ban on cryptocurrency ads and its step are seemed to be followed by other tech titans. Of course, there are reasons for doing so. Google company issued an update on its advertising policy page, banning the crypto ads due to its potential for customer harm. Although the ban is going to be applied from June it has already started to show its result. Unfortunately, Bitcoin cryptocurrency is currently going down below $9,000 after the announcement. A similar downfall was recorded after Facebook’s announcement in this regard. But with each company deciding to back off from crypto marketing, the chance of downfall to sustain is going higher.
Google ad executive Scott Spencer, said in an interview:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies,” he added further “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.”
The advertising page on Google has highlighted the following update in the regard.
- Binary options and synonymous products
- Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).