Google to ban Bitcoin, other cryptocurrencies adverts

Google, reputed to be the world’s largest digital advertising platform, on Tuesday announced plans to review its advertising policy as it affects certain financial services, including Bitcoin and other cryptocurrencies, from June this year.
The New York Times reports that the new restriction plan would be applicable on all Google’s platforms, like YouTube, and other third-party websites affiliated to Google advertising business network.

The report said Google explained that the ban will also apply to contents related to cryptocurrencies “including, but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice.”

When the planned policy review comes into operation, Google would be the second group, after Facebook, to take a drastic decision limiting the adverts on cryptocurrencies on the internet.
In January, Facebook said it would ban all Bitcoin adverts and others seeking to promote other cryptocurrencies in a bid to “stop misleading and deceptive promotions.”

A report by New York Times, attributed to Associated Press, said although its chief executive, Mark Zuckerberg, expressed interest in digital currencies, Facebook holds a different view that adverts for Bitcoin and other cryptocurrencies must be curtailed, as they were “frequently associated with misleading or deceptive promotional practices.”

The report said Facebook’s decision to outlaw digital money adverts followed questions about whether enough was done to protect users of its site from predatory actors.
Facebook had said it made efforts to check misinformation and false news following alleged attempts in 2017 by Russian agents to spread divisive and polarizing messages through its platform.
The report said the “frenzy around Bitcoin and other cryptocurrencies has raised concerns about scammers using online advertisements to recruit potential marks enticed by the surge in prices for most virtual currencies.”