Facebook To Ban Ads Featuring Bitcoin, Other Cryptocurrencies
For people offering bitcoins and other cryptocurrencies which have created a rage in the marketplace, there is bad news from Facebook. Facebook Inc has said that it will ban ads promoting financial products and services tied to cryptocurrencies and initial coin offerings. This is aimed to protect users from “financial products and services frequently associated with misleading or deceptive promotional practices.”
Recently many users have criticised Facebook for hosting cryptocurrency-related ads that features get-quick-rich schemes and potential scams. Facebook will ramp down on these profiles across its network. It has also asked its two billion strong community to report ads that offer such schemes.
Among the ads targeted are those from “crypto-genius” James Altucher, a digital currency evangelist. “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,” the company added.
The platform has been criticised for not preventing bad actors from spreading fake news that seeks to subvert public view. The company has also announced significant changes to its News Feed intended to limit the reach of untrustworthy news sources.
Cryptocurrencies have exploded in the market and this has led to numerous scams offering quick schemes to earn some extra cash. Economists have predicted that the digital currency bubble will soon explode. Many countries have taken a step to ban cryptocurrencies, like South Korea. Other have put regulations in place to prevent illegal trading.
The Indian government has strongly stated that it does not consider Bitcoin and other digital currencies as legal financial dealings.
Governments across the world are against cryptocurrency trade as there are no clear laws, as of now, to tax it. For example, if Bitcoins are traded through regular banking channels, it comes under the government purview and can be taxed. But if it is mined through a network, there is no way to extract the users’ information.