Starting this year Google had announced it will not allow cryptocurrency ads. Today the search engine giant is planning to remove the ad ban which it imposed on cryptocurrencies. But this is to allow regulated cryptocurrency exchanges to buy ads.
According to CNBC, This new policy will begin next month October. The Regulated Cryptocurrency exchanges will be able to purchase ads from Google. But currently, it will run the cryptocurrency ads only in USA and Japan.
Google is following the footsteps of Facebook which has done a similar move for cryptocurrency ads. Back in June Facebook announced that its policy updates to allow few cryptocurrency ads on their platform.
This new policy on cryptocurrencies by Google is for everyone around the world. As of now, the ads will run on US and Japan and companies who want to advertise in their local region have to apply for certification.
Reason to Remove Crypto Ads Ban
For several months there is a lot of hype on cryptocurrency and the industry is growing rapidly. This hype has also attracted a lot of fraudsters and scammers. To stop them Facebook, Google, Twitter and some other companies banned cryptocurrency related ads on their platform.
Currently, Google earns 86 percent of its revenue from advertising. And if they have banned ads of the developing cryptocurrency industry. Thus they will possess a slight loss due to the ban on a growing industry. And also cryptocurrency firms might get an alternative source to advertise. This is actually bad for Google’s business as it will lose a lot of its customers.
Facebook also had a similar situation but they removed the ban on cryptocurrency ads and allowed the crypto firms to get pre-approved. This move caused the crypto community to relay only Facebook until today. But now Google has also updated its policies and allows cryptocurrency ads on its platform.
This will be a great news for regulated cryptocurrency exchanges who had been waiting for this opportunity to get more customers. We must wait and see next month how these new policies will work on the cryptocurrency ads.
