Major social media platforms banned crypto advertising. But is this really as it looks like?
Facebook banned all crypto related ads saying that this is their way of protecting their users from ICO scams and Ponzi schemes. Just after they did it, many other popular platforms followed. However, the people who stand behind these platforms such as Twitter and Facebook when talking about blockchain technology, they seem to praise it.
Mark Zuckerberg made a lot of positive comments about cryptocurrencies saying that this technology has a lot of potential benefits for lots of different types of businesses including social media platforms. He also said that he appreciates the element of decentralization but Facebook found itself in a spotlight for the many issues that people complained about the ads services. However, Zuckerberg explained that he is interested to dig deeper in this technology and find the positive aspects. A few days later, Facebook prohibited cryptocurrency ads on the platform which really confused the crypto community.
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Twitter’s CEO Jack Dorsey also was one of the people who praised bitcoin and the many opportunities cryptocurrencies offer. He even said on one occasion that Bitcoin could become the single global currency in a few years time. He even personally invested in bitcoin. What is very weird is that Twitter too banned cryptocurrency advertising on its platform. Twitter also wants to protect its users from fraudulent companies and ICOs that could take advantage of the users via advertising.
Alongside Twitter and Facebook, stand Snapchat, Google, Alibaba, and Yandex. The world is most likely waiting on crypto regulation and as long as firm guidelines are not made, sanctions like these will be prone to happen and stay in effect.
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