The tech giant Google has announced that it will follow the footsteps of the social network giant Facebook and simply ban all crypto-related ads from its platform from June this year.Thus, the giant of Silicon Valley will prohibit the advertising of cryptocurrencies and all the content related to this technology. This new measure includes initial offers of virtual currencies, exchanges of crypto-coins, virtual wallets and even investment advice.
The tech giant Google and the social network giant Facebook control about 60% of the online ad market, and as they become more and more influential, the accountability that is assigned to them increases as well.
his Google decision to ban the crypto-ads from the platform reflects the pressure the technology giant is under to try to do away with fraudulent schemes on the Internet, political propaganda and false news.In the case of crypto-coins, this does not necessarily mean that they are fraudulent schemes. However, US regulators have warned that there is a high risk of fraud in the crypto-coins market. A recent analysis indicated that 59% new crypto-coins created in 2017 are already failing and causing great loss to investors. Undoubtedly, this should be a warning to many of the people who think to invest large amounts when the value of virtual currencies is still low.
Google: Creating a Safe Environment
According to Google, only in 2017 were eliminated around 3.2 billion of ads that did not respect the policies of the company. This figure was much higher than in the previous year. Faced with 2016 there was an increase of almost 50% in the number of ads that were removed by the company.
Scott Spencer, Director of Sustainable Ads at Google stated that “We do not have a crystal ball in order to know where the future of virtual currencies is going, but we have already seen enough situations where our users have left or could have left, harmed. So this is an area that we want to deal with carefully.”
About 84% of Alphabet’s revenue, the company owned by Google, comes from ads. Therefore, convincing advertisers that their ecosystem is safe is extremely important.
Many people involved with crypto-coins may argue that the advertisements spread over the web were extremely important for Bitcoin and other crypto-coins to become known and their value rise. But these ads are also a very big danger for that part of the public that is not well informed, nor do you know very well how the World of virtual currencies works. Many virtual currency enthusiasts have looked positively at Google’s decision, however, whether this could help create a legitimate industry around crypto coins.