Facebook Bans Ads of Cryptocurrencies
In a surprising move, world’s most powerful social media platform “Facebook” has banned all advertisements related to cryptocurrencies including ICOs. This all out ban is a setback for legitimate financial service providers as they would no longer be able to use facebook for promotions. Most Facebook users mostly would have encountered ads for ICOs, including those boasting about sky-high investment returns as well as bonuses for early participation.
However, this is an unexpected move because on January 4, 2018, Facebook founder ‘Mark Zuckerberg’ had through his post has supported the decentralized world, where the power lies in the people’s hands.
As per Facebook’s Product Management Director, ’Rob Leathern’, the new advertising Policy of facebook targets, “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.” Leathern further added that the policy extends to other platforms under Facebook’s purview, including the popular photo-sharing app Instagram. He also mentioned that the policy could be changed I the future, though he didn’t offer any kind of timeline.
Centralized Vision in a Decentralized World
Mark Zukerberg had said in January that “he was interested in going deeper and studying the positive and negative aspects of these technologies, and how best to use them in our services.”
However, with this move, facebook is going against its own principle of promoting social freedom. Moreover, by banning blockchain ads accountability of ICOs will not increase i.e., malpractices by unethical companies won’t stop. In fact, this move could result in revenue loss of millions of dollars for facebook.
On the hindsight, the ban would push forward other social media networks like steemit, etc. Finally, it should be understood that vision of blockchain is to empower poor by leveling the playing field.