The value of the bitcoin virtual currency fell to its lowest level in a month after tech giant Google announced it will ban ads promoting crypto currency and initial coin issuance (ICO).
Authorities in the industry say that in a US Congressional hearing, regulators need clarity on the virtual currency.
Bitcoin is currently the largest virtual currency based on market value. On Wednesday (15/3/2018) local time bitcoin value fell 9.1 percent to 8,238 US dollars.
The weakness of the bitcoin is the lowest since February 12, 2018. According to Google parent Alphabet Inc., the ban on virtual currency advertising and ICo will be effective in June 2018.
Google's rival, Facebook, has been banning virtual currency advertising including bitcoin since January 2018.
Google itself bans it from bad ad data or "bad ads," which is a barrage of fake, controversial and cyber-crime ads, on Google's search engine, to its video networks.
Need to be Regulated
If regulators in the US do not immediately issue clear limits or rules about the virtual currency market, innovative startups in this regard may cross overseas. This is said by the most popular digital token exchange, Coinbase Inc.
As quoted from Bloomberg, Mike Lempes's Chief Legal Officer Coinbase said at a US Congressional hearing on virtual currency, that the US trade commission and futures commission futures in the US need to work together to regulate the virtual currency.