Google, the California based search engine is reversing their stand on cryptocurrency advertising. This comes less than four months after effecting their blanket ban on Cryptocurrency Advertising. The initial google ban on cryptocurrency and trading advice, wallets and initial coin offerings (ICOs) saw the market lose up to $60 billion in 24 hours. It was even worse in altcoins. Data from popular coin trackers show that the altcoin market plunged 20 percent shortly after the announcement.
Google Advertisements about ICOs, Wallets, Trading Advice Illegal
After reconsidering their rather reactive move, Google did revise their Financial Products and Services Policy. From October 1, certified cryptocurrency exchanges in the US and Japan can advertise their businesses in the world’s leading search engine. However, we should note that this only applies to exchanges and there is no mention of cryptocurrency wallets and ICOs.
The reason why governments and regulators took a tough stance on cryptocurrencies forcing platforms as Facebook and Google ban cryptocurrency related advertisement was that because of the proliferation of fraudulent offerings in a largely unregulated sphere.
Google Cryptocurrency Advertising Ban – Self Serving
The decision to step in and ban such Google advertisements was initially interpreted as self-serving. Commentators had reasons to believe that the advertisement-oriented company was even overstepping its mandate and locking out legitimate cryptocurrency businesses. Together with Facebook, Google cryptocurrency ambitions are clear in the sphere. Early this year, Google allegedly approached Vitalik Buterin hoping to utilize his expertise in their future projects further fueling speculations. Phillip Nunn, the CEO of Blackmore Group said:
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto advert allows them to do it on their own terms.”
The ban wasn’t on Google Cryptocurrency Advertising related to ICO’s and wallet only. Google imposed bans on cryptocurrency mining Chrome Extensions and related apps from the Play Store.
We would love to hear your thoughts. Now that Google lifts the ban on cryptocurrency advertising, do you see any high hopes on the current standing of certain coins at some point? Feel free to comment below.
News article written by Dalmas Ngetich for eCoin4dummies