The skyrocketing values of top cryptocurrencies in the last week of December 2017 and the first week of January 2018 had made cryptocurrencies a widely discussed topic around the world. Since then, almost all the cryptocurrencies are passing through ups and downs in their values.
Facebook, the world’s largest social media platform, also announced ban on ads promoting financial products and services. Earlier, cryptocurrency trading was also banned by various financial regulators in different countries. Also, many of the financial experts also considered these a deceptive game and fraud. The ban on cryptocurrency trading in China, the world’s leading economy, further added fuel to the fire and the values of all the cryptocurrencies began to decrease.
In spite of all this, crypto experts remained hopeful for the future of cryptocurrencies saying that these would regain their all-time high values at some time in the last quarter of 2018. Also, many larger banks, financial institutions, and remittance firms began to adopt various platforms to revolutionize their global payments. Ripple (XRP) has appeared as a frontrunner in this regard because of its fast, reliable, and cost effective cross border money transfers. As a result, more than 100 companies have adopted its blockchain to expand their operations.
Facebook has also realized the importance of blockchain and cryptocurrencies and has announced a new policy lifting ban on financial ads including cryptocurrencies. The official Facebook business page states that it has refined its policy and decided to allow some ads after ensuring that these are safe. This means that it will still block ads with misleading advertising of various products and services. The new policy is effective from June 26 and will allow those ads that are pre-approved by various advertisers. Here, it is also pertinent to mention that there is ban on content promoting Initial Coin Offerings (ICO’s) and other binary options.
The advertisers interested to promote their cryptocurrency products and services will have to submit an application to Facebook. After assessing their eligibility, the social media platform will allow their ads to appear and make those accessible to all the users of Facebook. It is also very important to mention that Facebook is the world’s largest social media platform with more than 2 billion users all across the world.
This lifting of bans on cryptocurrency products and services has given rise to many speculations including that something big is coming for this social media platform in near future. There are also opinions that Facebook may have plans to buy Coinbase, the largest crypto exchange in the world. In early June, The Economist (one of the leading news platform) reported that Facebook is planning to buy Coinbase which is the largest Bitcoin exchange. Although Coinbase is also the largest Bitcoin exchange, yet Facebook adoption may give it access to billion of social media users around the world. There are also many others who are of the view that this lifting of ban on crypto products and services by Facebook is only a way to earn money. In any case, this flip on crypto ads by Facebook may surge the values of almost all the cryptocurrencies in near future.
This is a guest post. Opinions in the article are solely of the writer and do not reflect AdFunnel Project’s view.