One of the leading multinational internet corporations has banned cryptocurrency ads on its online search engine. This news is coming as a shock to various cryptocurrency enthusiasts' because Google has been one of the best ways to advertise cryptocurrencies. This ban has been criticized by various bodies, both financial and technology bodies and also many individuals have spoken against this announcement. According to the official statement that was released by Google, the company stated that most of the adverts that are put up on their internet platform is being made and uploaded by scams and that they are trying the protect the security of all their users.
Image Source : https://pixabay.com
Various investors and institutions have outrightly spoken against their decision that has been taken by Google. Initially, this announcement was made in March 2018 and it was to officially take effect from June 1, 2018. While this announcement was made in March, there was no fall in the price of top altcoins which was expected. This shows that no matter what happens, investors are keen on investing and making huge profits from these digital currencies. For this announcement, Google has come under criticism for the decision it has taken. CEO of Blakmore Group (UK) Philip Nuun is one of such persons that have come out to outrightly condemn the decision that was taken by Google, he stated that he fully understands that Google and Facebook are under pressure to regulate the type of information their users get on a daily basis, he went further to state that these internet platforms still advertise gambling and a long list of unethical and unnatural practices.
As clearly stated by Philip Nuun, these platforms are under so much pressure to stop all cryptocurrency activity and their adverts. Twitter and Facebook in the last couple of months have also moved to ban all cryptocurrency ads on their internet platform. Nuun went further to state that this decision that was reached by Google was to prepare the way for the development and launch of its native cryptocurrency. He stated that he highly suspects that this decision comes with an inner potential to introduce their own specially designed token in the nearest future. He went further to state that removing the ads of other cryptocurrencies will allow the Google platform to carry out its advert on their internet platform.
Another person named Bank Revolut has also spoken against this decision. He stated that this decision is a failure on the part of Google as it should have sought to take measures to fish out these scam adverts. He went further to state that banning the entire placing of adverts on the platform has included genuine crypto platforms into the crossfire.
These are a few of the people that have publicly spoken up against the decision. We do not know the true intention of the platform and we cannot also tell if they plan to develop their own native token to use as gas to run the Google platform.