Twitter confirms the ban of cryptocurrency and ICO-related advertisements on its platform.
News about the possibility of the ban surfaced last week and now it has finally been confirmed. Twitter will start banning cryptocurrency-related ads starting Tuesday.
The micro-blogging giant is the third major online platform to announce the ban following Facebook and Google. This is to reduce the possibility of potential fraud or large investor losses that maybe promoted in their website.
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” a Twitter spokesperson told CNBC.
The new policy rolls out in the next 30 days globally. The ban will include ads on Initial Coin Offerings (ICOs) and token sales. Twitter will also ban ads by cryptocurrency exchanges and e-wallet services.
However, this news doesn’t seem to faze crypto enthusiasts.
Blockchain Capital Spencer Bogart points out Jack Dorsey, Twitter’s CEO, is a believer of the cryptocurrency. He says’s to “read between the lines on any announced ‘ban’.”
“Given that the larger and more significant platforms have already made this move, I wouldn’t expect Twitter’s news to have much of an effect,” he explains.
Earlier this week, Dorsey has told the Sunday Times newspaper that he believes it will overtake the dollar in importance. He adds that Bitcoin will become the single global currency within the next decade.
No More Cryptocurrency Ads for Google
Google announced that it will ban advertisements that promote cryptocurrencies and initial coin offerings (ICO’s) from June. This is part of Google’s update to its policy, which will also ban other risky financial products. Advertisements for aggregators and affiliates will no longer be able to display “cryptocurrencies and other related content, as stated in Google’s policy.
A lot of changes will happen once the new policy will take place. Bloomberg has previously noted that Facebook cryptocurrency ads found a way past the ban by just changing the “o” in “bitcoin” to zero. This simply shows that you can get past the ban just by deliberately misspelling some words.
A Google spokesperson told Bloomberg that they will anticipate workarounds like this. They noted that the company was able to take down 3.2 billion ads in violation of its policies. Scott Spencer, director of sustainable ads at Google, wrote “Improving the ads experience across the web, whether that’ removing harmful ads or intrusive ads, will continue to be a top priority for us.”
Governments are also clamping down on the digital tokens as Bitcoin and other cryptocurrencies are notoriously volatile. India does not consider Bitcoin to be legal tender. Korea is planning a bill to ban all domestic cryptocurrency trading. And China is increasingly cracking down on digital currencies.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independent of a central bank.
Decentralized cryptocurrencies like bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.
Google is doing its best to give their uses the best. Providing better services to their users is not the only goal of the company. They also see to it that their users do not only enjoy and have fun and be entertained with what Google can provide but also make sure that they are protected. Because of the company’s policies that they keep upgrading, their users can be assured of their security and protection. The company is doing all it can to satisfy its users.