Cryptocurrency Sees A Promising Future As Facebook Revisits Ban

Cryptocurrency Sees A Promising Future As Facebook Revisits Ban

The latest news to come out mega-giant social media firm Facebook is that it will further lift restrictions on cryptocurrency ads. According to Facebook, the new amendment “will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.”

The ban first began in January 2018 when Facebook came under “intense pressure from regulators, users, and shareholders to address privacy shortcomings.”

Facebook wanted to protect its users from being misled by untrustworthy companies who asked users to invest in their cryptocurrencies. On a statement released by Facebook, they explained the ban was put in place because they wanted “people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception. That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith“.

In June of last year, Facebook amended its policy to allow some ads that promoted cryptocurrency related content by getting pre-approved by Facebook.  Those who wanted to use these ads had to submit an application to asses their legality as a business. To asses, their eligibility to advertise, Facebook looked at the company’s licenses, if it was traded on the public stock exchange and other relevant information.

According to CNBC, the ban may have been changed due to Facebooks plans to release their own blockchain project. A stable coin that will be used on the messaging app WhatsApp where users will be able to send cryptocurrency to each other.  The stablecoin will also allow online purchases. And there is speculation that companies will be to use this currency to pay for Facebook ads. Coindesk further reveals that the stablecoin project labeled “Libra” will be worth $1 Billion and Facebook is already talking to many firms such as Visa and Mastercard to support its funding.

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