Google Banned Crypto Ads to Promote Its Own Blockchain Solutions
June 5, 2018
As crypto experts believe, Google prohibited all advertisements with cryptocurrencies and ICO to promote its own blockchain-based products.
In March this year Google announced imposing ban on crypto and ICO ads in its services but, as it turned out recently, Google started developing its own blockchain technology. The fact made the crypto community members think that the cause for the ban was not merely the IT giant wishing to struggle against scammers. Moving on, there are already rumors about Facebook that banned ICO and crypto ads as well working on its own cryptocurrency.
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices. I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms,” said CEO at investment company Blackmore Group Phillip Nunn.
The first testimony for Google practicing interest in its own blockchain projects appeared last month when the Ethereum founder Vitalik Buterin posted a screenshot of his message history with Google insider. The latter one invited Buterin to join them to develop their own blockchain solution.
Later Google spokesmen refused to give any comment on the situation and added to date the company is studying the popular technology:
“Like many new technologies, we have individuals in various teams exploring potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans”.
Ed Cooper, the head of mobile communication division at bank startup Revolut, called restrictive measures by Google and Facebook unfair and noted, it resulted in banning ads for both unreliable and more high-profile projects:
“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire. A more targeted approach would definitely be preferable: it would seem heavy handed for example to put a blanket ban on all ads for job postings, anti-virus software or charities just because ads for these products and service are also sometimes used as an entry point by scammers to target consumers.”
In his turn Gareth Malna, fintech legal counsel at Burges Salmon stated, Google’s ban violates the purposes of the company:
“The decision by Google to act as a quasi-regulator in this context is a potentially troubling development given its vast commercial power. For Google to step in and block that market may sound like consumer protection, but is potentially overstepping its perceived role as gatekeeper to information.”