An insight into Facebook’s ban on crypto ads

Cryptocurrencies

This week started with an immense move against the misleading ads published around Facebook. They planned and accordingly banned the ads related to Bitcoins and other cryptocurrencies advertisement. Some way or the other, this is totally true for those who found so many irrelevant ads wandering around their Home Page.

CEO of Facebook

Few of the announcements and declarations projected the scenario, that includes the concealing of the future digital payment technology. Further, people went confused as they couldn’t understand why Facebook tends to overlook other scams in their social network advertisements. Not even clear policies for them!

A fair statement,

“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook.”

This simply shows the intention to protect the user. Suddenly another statement thrashes the decency,

“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.”

Initial coin offerings, cryptocurrencies and the binary option doesn’t seem to be misleading or deceptive at all. This is the statement of the CEO on January 4, 2018,

“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 centralizes power rather than decentralizes it.There are important counter-trends to this –like encryption and cryptocurrency — that take power from centralized systems and put it back into people’s hands. But they come with the risk of being harder to control. I’m interested to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services.”

Consequences could be anything, they might introduce a full stop to all the financial products and services leading false advertisements. Maybe it could be a swipe-up so that they could get the clear picture of the technology. Even they can get themselves to the payment system. The possibility could be anything to every extent. But the aim should be just to sort out the good from the evil and represent the world.