Facebook, the most popular social network in the world, announced earlier this year the ban on the advertising of cryptocurrencies and Initial Coin Offerings (known as ICOs), as well as services that promote financial products and services frequently associated with deceptive practices, arguing that they want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.
Back then, Facebook's CEO Mark Zuckerberg referred to cryptocurrencies as a technology that takes power away from centralized systems and give it to users.
Facebook represents those centralized systems with power, which makes sense to his radical position. However, Zuckerberg said he would study these technologies to see what positive aspects could derived from them, and at some point there was speculation that it could be the first step to adopt a cryptocurrency of its own.
Facebook Product Management Director Rob Leathern, on a blog post On Tuesday, explained that starting on June 26, they will be updating thier policy to allow ads that promote cryptocurrencies and related content of pre-approved advertisers, although binary options and ICOs are still prohibited.
Facebook's new policy now requires advertisers to submit an application so that Facebook can assess their eligibility by scrutinising any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business. Not everyone who submits an application will be approved, but Facebook is now open to hear everybody.
This move from Facebook makes us wonder if other tech giants such as Google, Twitter and Snapchat, which currently also have a cryptocurrency advertising ban, will reconsider their stand regard them, creating at last a favorable market trend for digital currencies.
By Jorge Espinosa
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