Industry experts are calling Google’s decision to ban all bitcoin and crypto advertisements on it platform a harsh and unethical decision. The internet giant’s new policy will come into effect this month. Other social networking stalwarts, Facebook and Twitter have already put a ban on these ads.
The company announced the ban in March. It wrote in a blogpost, “Ads for the following will no longer be allowed to serve … Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
The announcement comes at a time when Google, along with Facebook have reportedly been interested in this new space, especially in the blockchain technology. With their personal interest, the market is speculating that the ban isn’t solely because of regulatory pressure to confront criminality. The two companies may be removing all their competition from their platform, long before they launch their own services.
Phillip Nunn, CEO of Blackmore Group, a Manchester-based investment firm said, “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.”
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms,” he added.
Google’s cryptocurrency ambitions were revealed when one of the company’s executives approach Vitarik Buterin, the founder of Ethereum. The company’s Ether coins are the second most valuable currency in the digital coins market and its blockchain has been used to create several other digital coins. The company wanted to bring him on their side for a new hush project. The entrepreneur asked his Twitter followers if he should accept the company’s offer but after receiving more than 2,000 votes, he deleted the tweet.
Google never commented on the story publicly. In fact, the company has stayed mum about its plans to launch a currency or even a blockchain based project. The only lead we have is a spokesperson’s comment made in March which suggests that the company was looking into blockchain. He added, “Like many new technologies, we have individuals in various teams exploring potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans.”
Facebook doesn’t want to stay behind in this race. In May, the company announced its biggest ever management reshuffle. Facebook Messenger’s Head David Marcus was called into a new exploratory blockchain group that will reported to the company’s CTO Mike Schroepfer.
The efficacy of the new Google plan is still unknown, but it is highly likely that it may not meet the same fate as Facebook. The company’s new policy that came out in January was easily circumvented by marketers. They simply used ‘c-currency’ instead of ‘cryptocurrency’ to get rid of the ban. Though the two companies are under pressure to do their bit and stop frauds from happening on their platform, these bans are self-imposed.