Finance Experts Claim Google Crypto Ad Ban ‘Unethical’ and ‘Troubling’
The crypto ad ban paints a picture of all cryptocurrencies with the same brush
According to experts in the finance industry, the Google crypto ban on related advertisements has a negative impact on the outlook of crypto altogether. As ‘The Independent’ reports on 4th June 2018, many experts have commented on the ban since it began earlier this month. However, the news on this ban first reported in March, did not result in a drop of value for Bitcoin or altcoins in the market.
As of 4th June 2018, according to Bitfinex.com, the current value of Bitcoin is 7,488 USD. This is a increase of almost 400 USD during the last weekend.
As the value is undergoing a correction, Google is receiving highly explicit terms for its move on the Google crypto ad ban, blocking all cryptocurrency related advertisements. But, Google is still doing research using blockchain technology.
Views on the Google Crypto Ad Ban
As ‘The Independent’ on Monday reports, Phillip Nunn, the CEO of the Blackmore Group, an investment company managing over 70 million USD made the following statement;
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.
Earlier this year, the leading social media websites Facebook and Twitter implemented bans on advertising cryptocurrencies on their platforms. This ban was imposed despite Twitter CEO Jack Dorsey predicting Bitcoin will rule the world by 2028 as a “single world currency”.
In Nunn’s view, Facebook, Google and such similar platforms might be preparing to launch their own version of centralized virtual assets.
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 adverts allows them to do it on their own terms.
In April 2018, Revolut, the digital banking disruptor in the United Kingdom which managed to get 250 million USD in funding allowing the company to have a 1.7 billion USD valuation, gave warning on the failure of the policy to identify the differences between legal and fake companies.
Ed Cooper heading the mobile division at Revolut stated that, “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”.