Big Blow To The Blockchain Movement: Facebook Bans All Cryptocurrency Ads!
Where once Mark Zuckerberg was talking about a decentralised world order, where the power lies in the people’s hands, this is an ironic move by Facebook.
In a stunning move, Facebook, world’s largest and most powerful social media network has banned all sorts of cryptocurrency advertisements on their platform.
This involves ICO or Initial Coin Offer as well, which means that potential investors and ICO founders won’t be able to connect using Facebook anymore.
This is certainly a big blow to the entire blockchain movement, as Facebook has been a very useful, and massive platform for propagating crypto ideas.
Is this also a form of hypocrisy from Facebook, and it annihilates all form of ‘decentralization’ idea which they were trying to propagate?
Facebook: No More Cryptocurrency Ads Now!
In a blog post, Facebook has announced that they will no longer allow or permit any form of cryptocurrency advertisements on their platform.
This blanket ban on crypto ads also covers Instagram and Facebook’s partners in digital advertisements.
The post said,
“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”
In their blog post, Facebook has compared cryptocurrencies with scam and deception, and have expressed their belief that their users should not be exposed to them, via their platform.
The blog post said,
“We want 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.”
Facebook has said that they will keep on reviewing the ban, and may change the status later. He asked their users to report and give feedback on such forms of advertisements as well.
Facebook’s Hypocrisy Seen Here?
On January 4th, Facebook founder Mark Zuckerberg had written an emotional post, highlighting its resolve to create a decentralised world order, where the power lies in the people’s hands.
He had said,
“But today, many people have lost faith in that promise. With the rise of a small number of big tech companies — and governments using technology to watch their citizens — many people now believe technology only centralises power rather than decentralizes it.”
Ironically, Facebook has just done that.
By banning all cryptocurrency ads on their platform, they are sending pretty negative, depressive signals to the future investors and users of cryptocurrencies.
After all, digital currencies like bitcoins have been the symbol of a decentralized world, powered by a futuristic technology called blockchain, which can change everything about finance and economy as we know it.
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