Google has made an official announcement that starting June 2018, it will not permit any form of advertising relating to Bitcoin or other cryptocurrencies, including Initial Coin Offerings (ICOs).
If the ads have anything to do with cryptocurrencies—like tips on trading on them, etc.—they will not be permitted as well.
Following Facebook’s Move to Ban Bitcoin Ads
The decision now taken by Google is quite similar to the one already under implementation on Facebook. The basic objective of the new rules is to protect subscribers and customers from being exposed to the risk associated with these digital assets.
As is known, there have been wide fluctuations in the price of Bitcoin over the past year and many people have been lured into investing their entire savings and then losing it all.
And as they see it, Facebook and Google would not like to be seen as indirectly promoting such risky investments through the advertising carried on their platforms. It can’t be denied that there would be loss in advertising revenue for Google due to this ban being imposed.
The new policy to ban all advertising related to Bitcoin and other cryptocurrencies will be implemented this summer on all Google-owned virtual real estate, the search engine, the video streaming (YouTube) and other channels.
Annual Exercise to Review Advertising Rules
Google has in place a mechanism to keep a watch over content on its sites which are termed “bad ads” in its internal parlance.
In its report for the year 2017, the company has disclosed that it had to forcibly remove a whopping 3.2 billion ads for non-compliance with its guidelines.
This figure is almost double the 1.7 billion ads that the search engine giant pulled down in the previous year, 2016.
Some Lessons from Facebook’s Bitcoin Ad Ban
The people posting content on such popular sites know that they are assured of market exposure due to the sheer number of subscribers or visitors. So, they act smart and try and work around the Bitcoin advertising ban by making small changes in the spellings of the ads, with the hope that they can escape the sites’ algorithms and their content won’t be pulled down.
Facebook, for example, is reported have found that people had changed the letter o in Bitcoin and replaced it with a 0.
Google has acknowledged this issue and says it will give consideration to such aspects and ensure the ban is fully implemented.
The Future of Bitcoin
Apart from the general perception of the risk involved with cryptocurrencies, many governments have been taking strong measures against Bitcoin.
China, Japan and South Korea are some of the countries where there have been government actions. India had recently made an announcement that it does not recognize transactions made with Bitcoin or any other cryptocurrency as legal tender.
For those connected to Bitcoin, the ban on advertising by Google and Facebook will be a big blow since these sites command a massive base of customers from all around the world.