Back in January 2018, Facebook banned ads that promote virtual coins on its platform. And now, Google is following suit: it will not allow cryptocurrency ads to run on its platform. And so it is that two of the internet’s power houses have taken the decision to ban cryptocurrency ads. Google’s ban will take effect from June 2018.
Why Is Google Doing This?
Google’s statement says that it has “updated several policies to address ads in unregulated or speculative financial products.” It looks like the recent spate of cryptocurrency ICOs (initial coin offerings) could have something to do with it.
US authorities have disclosed that many ICOs are being conducted illegally. Some countries are already taking steps to checkmate ICO and related scams. Also, some companies that trade crypto have already got into trouble with governments in North America for promoting Bitcoin and other cryptocurrency as investment schemes.
Google’s director of sustainable ads, Scott Spencer, told CNBC, “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.”
The Message To You
Clearly, Facebook and Google acknowledge that cryptocurrencies are in their early days and are still extremely volatile. The entire landscape feels like the gold rush once again.
As stated in our Bitcoin guide, Bitcoin – and indeed any cryptocurrencies – are not investment schemes. They are virtual currencies. While you can make money by trading margins in currencies, it is important to understand the distinction. Financial authorities seem particular about this point.
Lastly, be careful what cryptocurrency bandwagon you jump on. Not all that glitters is gold. And as someone else much wiser has said, a fool and his money are easily parted.
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