The biggest ad provider, Google has cracked down on cryptocurrency announcing it will ban cryptocurrency related ads from its platform.
The company also deleted about 3.7 billion “bad ads” in 2016 and now it has come with a brand new advertising policy that will ban advertisements for “cryptocurrencies and related content”. The move will come into action from June this year.
Google had taken this action out of caution as the digital currencies are surrounded by a lot of volatility and many people have suffered significant losses thanks to it.
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies,” told Scott Spencer, Google ad executive in an interview to CNBC. “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.”
Although the restrictions will come into play from June, they have already impacted the crypto world as Bitcoin prices fell 9 percent (below $9000) following the news on Wednesday.
Earlier this year in January, the social media giant, Facebook also took a similar step.
The largest cryptocurrency was also down 12 percent in January when Facebook announced to ban ads on cryptocurrency, ICOs and binary options. However, some companies are reportedly ditching the ban by intentionally misspelling words that could activate the ban. A similar situation can occur with Google too but a spokesperson for Google told Bloomberg that the company is already working to avoid the issue.
A lot of people believe that online advertising had played a major role for the wild surge in cryptocurrency prices so it seems like the beloved virtual assets might take dips again in June when Google’s policy will actually come in action. In fact, we’ve already witnessed its effects and can imagine the damage it would cause to cryptocurrencies.