The social media giant Facebook has revised its crypto related ad policy and has decided to allow crypto ads without requiring any prior approval to publish on its platform as reported on its official blog post.
Earlier in Jan 2018, the company brought in a policy which allowed only a limited number of pre-approved advertisers to run crypto-related ads. However, after assessing the feedback from the crypto community, the company has come up with a new set of rules. The statement reads as below.
While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency
It is to be noted that, the company also highlighted that this change will not apply to advertisements that seek to promote a particular cryptocurrency, and ads for initial coin offerings (ICOs) remain forbidden.
The very purpose is to protect Facebook users from falling prey to misleading advertisements. Hence the advertisers who wish to promote a specific product, such as a particular cryptocurrency, a cryptocurrency exchange, or mining software will certainly require prior approval and have to go undergo various levels of checks before publishing.
This move might be due to advances in crypto technology and considering the broader view of this sector. On that note, Dejun Qian, Founder of FUSION had commented on the previous policy that,
This policy will definitely protect people from the scams of predatory projects. However announcing an ‘intentionally broad’ policy is always the easiest way and not necessarily the best route for technology development. I don’t believe that banning e-commerce ads just because people face the risk of buying counterfeited products is a good idea.
Essentially, Facebook is exploring to launch its own digital asset – supposedly a stablecoin pegged to the US dollar. Also its reportedly acquired rights to the “Libra” trademark for its secretive cryptocurrency project. The firm acquired the trademark Libra from an unknown tax company in April 2019.
What do you think of this move by Facebook? Like before the other major tech giants will walk on same footsteps? Share your thoughts in comment section below.