Google, the search engine powerhouse is ending its ban on cryptocurrency-related advertising in US and Japan starting from October. However, the other countries are not currently joining this bandwagon. Google mentions that, after this policy is implemented, all regulated companies can use the platform to advertise their products.
Currently, ads for cryptocurrencies and its related content are restricted. Google has posted a notice regarding its changes in unbanning of the ads through its website stating:
“The Google ads policy on financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan…Advertisers will need to be certified with Google for the specific country in which their ads will serve.”
The expansion of cryptocurrency market has certainly brought both enthusiasm and development along with spawned frauds and high profile scams. These negative incidents had a huge impact on leading tech companies which ultimately led to banning of such ads. Following the trend of Facebook and Twitter, Google also started cracking down crypto-related advertisements last March.
Google announced its original restrictions policies in March 2018 where Scott Spencer, Google executive, proposed a statement referring to the potential harm caused by cryptocurrency investments and banning the crypto ads. He stated:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
However, these updated policies do not clearly define all the details including wallets, trading advice or ICOs. Nonetheless, this is surely a ray of hope for the cryptocurrency community.
According to a report, the parent company of Google generates 86 percent of its total revenue from advertising and has already gained $54 billion in the first half of 2018. With this news, the revenue is expected to increase in the days to come.
What do you think of Google bringing back the crypto-ads? Let us know in the comment section below.