In a move that may well shock and anger many, google has announced that the advertising of cryptocurrencies across all its platforms will be banned as of June (2018).Google has given no reason for the ban on “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice)” but speculation is that Google feel there is a lack of protection for the consumer when it comes to the complex trading of cryptocurrencies.
Level playing field
Just a fortnight ago, Mark Carney, the Governor of the Bank of England called for a “level regulatory playing field” for the financial services industry as a whole, including cryptocurrencies, while Christine Lagarde, Managing Director of the IMF said on Tuesday:”The rapid growth of crypto-assets, the extreme volatility in their traded prices, and their ill-defined connections to the traditional financial world could easily create new vulnerabilities… We must welcome their potential but also recognise their risks.”
Other restrictions
The new restricted financial products policy from Google means more than a ban on cryptocurrency advertising too.Under the new rules, advertisers and affiliates who offer contracts for difference, financial spread betting, and rolling spot forex will need to be certified by Google before being able to advertise via AdWords, and certification will only be available in certain countries.A certification from Google will require licensing by the relevant authority, complying with all AdWords policies and legal requirements from AdWords and those relating to complex speculative financial products.Cryptocurrency is undoubtedly one of the most talked about products at the moment, and the controversial currency has the definite ability to create problems, which is likely why Google have made this decision, although there has still been no direct comment from Google themselves as to why they have taken this decision.