Google has unbanned cryptocurrency ads that allow regulated firms to use its platform for advertising their products. In March, Scott Spencer said that crypto investments have the potential to provide harm in financial markets. He said, “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.”
What Motivated Google For Reverse Ban?
In June, the experts in finance sector such as Manchester-based investment company Blackmore Group CEO Philip Nunn criticised Google for banning the whole crypto industry.
He said that both Google and Facebook showed interest in blockchain technology and cryptocurrency, and still chose to ban the whole market on their platforms 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.”
At the point, Revolut Head of Mobile Ed Cooper showed his concerns over the imposition of a ban, that unfairly penalised legal companies working to develop robust platforms as well as 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,” Nunn stated.
Reverse Ban Across The Globe
In the initial October, just verified firms of US and Japan in the crypto sector would be able to purchase ads on Google. Still, the companies will be allowed to file applications with the search engine behemoth to publish ads in other nations too, that over the time is expected to evolve into a global reverse ban on crypto ads.
The move of Google for manually approving the ads from blockchain projects as well as crypto-related business is positive because it will filter out the illegal services and scams which could impact both Google as well as crypto industry negatively.
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