Cryptocurrencies are being increasingly known around the globe and, at the same time, more people are becoming interested in them. But it also may be noted that virtual coins have become a “tool” for scams and turbulent businesses.
That’s the reason so much governments and international organizations, like the International Monetary Fund (IMF), are trying to agree on a way to regulate digital assets.
Likewise, social media and other platforms are taking matters into their own hands in an attempt to “protect” users by banning any cryptocurrency-related advertisements, even if this measure goes against the way their founders or CEOs think or act.
Last January Facebook banned any advertising related to cryptocurrencies, leading a series of measures that are being adopted by other platforms. However, Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey are two CEOs that have supported and spoken highly about the Blockchain technology, but also approved restrictions that endanger the development of this technology.
Earlier this year, Zuckerberg spoke highly of altcoins in a Facebook post, saying that encryption and cryptocurrencies were the best way toward decentralization. He also noted he was looking for a way to use both technologies in the Facebook platform.
On the other hand, Dorsey is founder and CEO of Square Inc., a company mostly focused on mobile payment technology, financial services and points of sale, which promises to integrate the trading capabilities of Bitcoin to the latest versions of its apps. But Dorsey has also invested in Lightning Labs, raising more than $2.5 million USD for the development of Lightning Network, a platform that hopes to offer free and fast Bitcoin transactions.
The unsettling part is that Twitter is now the latest platform to join the ban on cryptocurrency advertisements, but likely it won’t be the last.
But this movement isn't limited to social media. The world's biggest search engine, Google, has also done its part.
Last March, Google announced in its updated financial services policy that, as of June 2018, it will begin to remove all the cryptocurrency-related advertising using its AdWords system.
Many analysts believe this will mark the end of cryptocurrency advertisements, but they also agree that what Google might actually be doing is curbing the growth of all companies that have invested legally in the direct use of cryptocurrencies.
Two clear examples are Storj, a company that offers Blockchain-based cloud storage, and Veem, a payment platform that allows cryptocurrency transactions. Both of these companies have received Google funding, but once the ban comes into effect, they won't be able to advertise their services on the search engine.
Ironically, all this efforts to ban crypto-publicity come less than a year after Alphabet, Google's parent company, invested in Blockchain.info, an e-Wallet based in London.
By Antonio Menéndez
Sources: La Vanguardia, Coin Telegraph, Business Insider, El Financiero