Finance Industry experts are calling out the Google’s Decision to ban Cryptocurrency adverts isn’t just ill-conceived, but unethical too. Google’s decision is succeeded with Facebook and Twitter enacting similar bans on their platforms.
CEO of Blackmore Group, Philip Nunn, states, “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”, as per The Independent.
Motives Behind Crypto Ban
Nunn also stated that he suspects Google and Facebook Crypto Ban to be inspired by their own plans in the cryptocurrency space. Google has admitted to exploring the technology via business insider and also when it tried hiring Vitalik Buterin for its project and failed miserably.
Facebook too had indicated their interest in the blockchain tech in May, when they announced David Marcus, former FB Messenger Chief, as Head of Exploration of Blockchain, reporter to Mike Schroepfer, Facebook’s CEO.
Facebook’s Crypto Ban A Success or Failure?
FB Marketers were able to circumvent Facebook’s crypto ban i.e. to block cryptocurrency related advertising in January.“ cryptocurrency” were abbreviated as “c-currency” and the “o” in bitcoin was replaced with a zero to bypass the machine checks.
Scammers are using Google and Facebook to promote unsavory exchanges and cryptocurrencies. As many as 80% of ICOs have been found to be fraudulent.
Banning cryptocurrency advertising is seen as a good thing since the growth of such advertising undermines its perception, but the ban is an unfair targeting of the industry according to Ed Cooper, head of mobile at Revolut, digital banking startup.
He states,“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.”
Gareth Malna, a fintech attorney at Burges Salmon, a U.K. law firm said the Google ban is inconsistent with its very purpose as a search engine. He said Google’s action seems like protecting the consumer, but it is overstepping its role as an information gatekeeper.