Earlier in the week, in a sign of positiveness for the cryptocurrency world, Google announced that it will end its sweeping ban on ads related to cryptocurrency, as the search engine giant plans to allow regulated crypto exchanges to purchase ads in Japan and the United States and Japan. The new policy will come into effect from October.
Back in March Google had announced its original restrictions, which came into effect in June.
Google implemented these restrictions with the intention to protect consumers, wallets, trading advice and initial coin offerings (ICOs), are still not allowed to advertise on Google.
Undoubtedly, the cryptocurrency boom has produced both wealth as well as excitement, however, it has had severe drawbacks too, in the form of spawned frauds and high profile scams.
Regulators all over the world have had to step up their efforts to control this fiasco. Also earlier in the year, all major social media giants like Twitter, Snapchat, Facebook and Google have all cracked down on crypto-related advertising by putting a ban on it. Notably, most of the platforms have gone on to uplift the ban on cryptocurrency related ads.
Back when Google announced its original ban, Scott Spencer said, “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.”
In Google’s updated policy which applies to advertisers all over the globe, ads can only run in Japan and the U.S, and if any other party wishes to serve ads in other countries, they will have to apply for certification individually.
Roughly 86 percent of the total revenue of Google parent company Alphabet comes from advertising. Just in the first half of 2018, reports show that the company has made $54 billion in ad revenue.