A lot of organizations haven’t taken lightly to the uptick of cryptocurrencies’ fame. One might imagine it would be mostly banks but in actual fact it’s … Social media platforms?
First came Facebook
Facebook was the first to lay down a ban on cryptocurrency adverts. This was first implemented on the 30th of January 2018. The ban was intended to prohibit financial products and services, but majority of the examples listed were cryptocurrency related. This covers a range of cryptocurrency related content; including ICO’s, trading sites, and anything even mentioning Bitcoin. The ban was put in place in an attempt to cut down on scams and unethical businesses trying to take advantage of Facebook users. Unfortunately, this blanket ban prevents well known and trusted cryptocurrency related companies from advertising, which is potentially damaging.
Perhaps most detrimental to Bitcoin and cryptocurrency was Google’s ban. It was announced in March and to be implemented in June. Similar to Facebook, this ban was put in place to prevent the supposed scamming and fraudulent behaviour behind ICO’s and other crypto related sites. This of course disregards any legitimate cryptocurrency services. This ban has had the biggest impact on cryptocurrency prices. The cryptocurrency market is currently hitting yearly lows thanks to this.
Twitter tweeted a ban
Twitter was the most recent to act, implementing a ban primarily on ICO related advertising. It’s highly speculated that this ban was Twitter following the trends of Google and Facebook. Regardless, it has only further damaged the image and price value of Bitcoin and other digital coins.
A Skewed view
It’s clear to see that these tech giants have a very clear view of cryptocurrency and its related services. They see it as just one massive scam, which has been proven to be false time and time again. Unfortunately, these bans paint a bad picture for cryptocurrency to the user bases of these sites.
A group known as RACIB and industry associates from Korea and China are planning on suing Google and Facebook for their bans. This is the first sign of fighting back from the crypto community, and more are most likely to follow. This lawsuit is to be implemented in May.
Cryptocurrency has been faced with many trials and tribulations in the past, this is most likely just another hurdle it will have to jump to make it in the long run.