The social networks wants to stop people from plonking cash on dodgy digital money
IN A BURST OF UNORIGINAL THINKING Twitter has followed Google's example and banned cryptocurrency advertising from its social media site.
Starting today the microblogging, rant-empowering and shouting into the void enabling company will begin to block ads that promote some cryptocurrency investments, services and 'initial coin offerings', with the idea of protecting its users from splurging large amounts of physical money on emerging and turbulent digital currencies.
"We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally," the company said in a widely reported statement.
Adverts that promote cryptocurrency wallets and exchanges are still allowed if they are provided by public companies that are listed on major stock markets.
There's a lot of excitement and curiosity flying around the world of cryptocurrencies, with new ones popping up to follow in the footsteps of successful digital money such as Bitcoin. But this all makes it hard to track what cryptocurrencies are legitimate and make sound investments against those that are fraudulent and could just as easily disappear as fast as they pop up.
Furthermore, the unregulated nature of cryptocurrencies means they can soar in value one day and plummet the next, which has resulted in people losing thousands in mere hours.
As such, Google, Facebook and other major online firms have been taking action to purge their sites and services of cryptocurrency adverts that aim to lure people to part with their hard-earned cash and take a flutter on the supposed next big digital currency.
However, Twitter noted it will adjust its advertising policies as the cryptocurrency arena develops, meaning there's a chance crypto ads could make a comeback once the world of digital currencies becomes more stable and less likely to turn a healthy investment into a lump of regret.