Google which is the largest provider of digital advertising on the internet, announced on Tuesday that it plans to change its advertising policy for certain financial services, including cryptocurrencies, starting in June. The new restriction would apply both to space on Google’s platforms, like YouTube, and to third-party websites where Google sells advertising space.
Facebook earlier announced in January that it would ban all ads for Bitcoin and other cryptocurrencies in order to stop misleading and deceptive promotions. Together, Google and Facebook account for the majority of advertising on the internet in terms of revenue.
The short announcement on Google’s advertising policies page did not specify why Google planned to turn away that advertising. The company said the ban also applied to content related to cryptocurrencies “including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading advice.”
However, Bitcoin slumped to the lowest level in more than a month after Google said it will ban online advertisements promoting cryptocurrencies and initial coin offerings. Industry officials also said at a Congressional hearing that U.S. regulators need to provide greater clarity.
The world’s biggest digital currency by market value dropped as much as 9.1 percent to $8,238, the lowest price since Feb. 12, as Alphabet Inc.’s Google announced Wednesday that the restriction would be effective in June.
There's still hope though!
References:
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