Facebook has announced it is relaxing its ban on crypto advertising as related to promoting products and services relating to cryptocurrency.
It will be recalled that the social media company had in January 2018 banned out rightly crypto or blockchain ads for reasons of possible dubious advertisements, fake ICO’s and potential harm to the site’s users which proliferated with the boom of the market in 2017 and early 2018.
The company later reduced the ban in June 2018 requiring companies to provide some required certification for products or services; which only allowed a number of pre-approved advertisers to run ads on its platform.
However considering Facebook’s recent efforts to create its own stablecoin (Facecoin) and having made efforts with its blockchain team, Facebook has made a U-turn and once again updated its policy to now allow cryptocurrency-related adverts.
According to a blog post by Facebook, the social network website has decided to lighten its previous ban on crypto and blockchain advertising. The post reads:
We’ve listened to feedback and assessed the policy’s effectiveness. While we 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.
Positive News for the Crypto Community
It is widely believed that considering Facebook’s popularity and mass coverage, a launch of its own stablecoin will promote widespread adoption and most likely have the Facecoin level up with the US dollar and other fiat currencies rather than Bitcoin.
Analysts have predicted the launch of Facebook’s coin as a sure “catalyst” for an increased user base into crypto as well as a medium to propel other companies waiting on the sidelines to work with crypto-like products and services.
In all, this announcement is great news for the cryptocurrency community; scam projects have drastically reduced, there’s greater access to advertising to drive adoption also Facebook’s move further clarifies and breeds confidence in the crypto and blockchain sector.
NOTE: Google also banned crypto ads in March 2018; two months after Facebook’s ban. The search engine company again loosened its crypto ads policy in September 2018 just after Facebook did the same in June of 2018. Would they follow this time?