Google joins Facebook in attempts to boost the revenues by diminishing its crypto ban
Google is changing part of its complete ban on cryptocurrency-related advertising and intends to allow regulated crypto exchanges to purchase ads in Japan and the United States.
The new policy goes into power in October.
Facebook also began allowing some types of cryptocurrency-related advertisement back in June.
Google’s original limitations, which was published in March and rolled out in June, were designed to protect customers and included initial coin offerings (ICOs), wallets and trading information, which are still not approved.
While the cryptocurrency boom has created both excitement and wealth, it has also generated fraud and high-profile scams, as the administration struggles to catch up with a fast-moving area. At various periods earlier this year, Google, Twitter, Facebook, and Snap all broke down on crypto-related posting to stop bad players, though their initial hard-line methods prevented even genuine businesses from buying ads.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Google’s Scott Spencer told CNBC at the time of its original ban.
Google’s renewed policy applies to global advertisers, though the ads can only run in the U.S. and Japan, and involved parties will be required to apply for certification to serve ads in each country separately. Google’s move trails Facebook, which began allowing approved cryptocurrency advertisers in June.
Google parent corporation Alphabet gets about 86 percent of its total revenue from advertising. The firm booked more than $54 billion in ad income in the first half of 2018.
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