- Google has finally lifted its ban for the cryptocurrency-based ads for the companies that are engaged in lawful and regulated business of cryptos.
- The change will be implemented in October in United States and Japan.
- Before Google, Facebook also allowed certain cryptocurrency-related ads on its platform since June 2018.
Google has ended its long-lasted ban on cryptocurrency-related advertisements and now allowing those companies to publicize their crypto-based products which are regulated. These changes will take effect from the month of October in United States and Japan.
Google announced its restrictions regarding the advertisement of crypto-based products including Initial Coin Offering (ICOs), wallets and trading advices in the month of March this year. While it allowed some regulated businesses to advertise, the aforementioned items are still not allowed.
Cryptocurrency boom came with a lot of wealth and excitement, however, it also spawned high-profile scams and frauds. All the internet and social media giants including, Google, Facebook and Twitter restricted the crypto-related advertisements on their platforms to stop such incidents. This sweeping ban even affected those businesses which executed their business in accordance with regulations.
In an interview, Google’s Scott Spencer said, “we don’t know the exact future of cryptocurrency, but we want to correct some wrongs that have resulted in consumer harm in the past. There is an opportunity with which a lot of consumers can gain potential results using this technology.”
This updated policy of Google is applicable to the advertisers across the globe. However, the ads can be broadcast only in US and Japan. Those who want to advertise their crypto-related product in their own country, will have to apply for certification individually. A similar precedent was set by Facebook, which allowed the preapproved cryptocurrency advertisers in June.
This move will substantially enhance the revenue of Google’s parent company Alphabet which makes 86% of its annual revenue from advertising. Within the first half of 2018, the company recorded more than $54 billion through advertisements.
Technoloader is a blockchain development company which celebrates this announcement. We help companies in streamlining their operations through blockchains and provide affordable service across the globe. With the lift of ban, more companies would get opportunities to advertise their crypto products and we are ready to empower them with our technology.
