Good news: Facebook relaxes restrictions on cryptocurrencies advertising
Facebook today announced a relaxation of its advertising ban on companies promoting encryption-related products and services. The move comes as the social media giant stepped up efforts to create stable coins to be used in some of its applications. Many in the crypto community believe That Facebook's digital assets will compete with the dollar and other legal currencies rather than Bitcoin. At the same time, others say the company's efforts to create its own digital currency could prompt a flood of new users to move into encryption.
The social media giant will further relax its previous advertising ban on encryption and blockchain technology, according to a Facebook blog post today. The post read: "We listened to feedback and assessed the effectiveness of the policy. While we still need people to apply to run ads promoting cryptocurrencies, starting today, we will narrow this policy to eliminate the need to pre-approve ads related to blockchain technology, industry news, education, or events related to cryptocurrencies. "
According to Facebook's advertising policies and community standards, some products and services are on prohibited lists - such as ICO products - while others are on restricted lists , such as exchanges. All prohibited ads are immediately rejected and restricted content still needs to be approved, reportedly involving a review process: "This process will continue to take into account the licenses they receive, whether trading on public stock exchanges (or subsidiaries of listed companies) or other relevant public backgrounds." Facebook's ban on encrypted advertising was first announced in January 2018. The original policy was to simply block all ads related to encryption or blockchain technology, on the grounds that such ads could potentially harm users of the site. The ban was originally relaxed in June of the same year and includes provisions that require written approval for certain products or services. News of a further slowdown in Facebook's advertising ban comes as the company is exploring launching its own digital assets - according to the stablecoin peg to the dollar.
Because of the seemingly lack of features that make Bitcoin a potential store of value, many analysts believe That Facebook's less encrypted assets will represent competition for the dollar, not Bitcoin. In fact, some crypto industry analysts believe that the currency launched by social networks will eventually be a boon for Bitcoin and other digital assets. Blockchain Capital's Spencer Bogart, who appeared on Bloomberg earlier today, believes the project could see a large number of new users keen to explore truly fragmented digital assets: ICYMI: @CremeDeLaCrypto joins @TheStalwart on the topic of the possible Facebook-based digital bitcoin issue and This year Bitcoin Prospect pic.twitter.com/Og...- Bloomberg Crypto (@crypto), May 8, 2019 "Is like the Internet; so people can break up, they can start owning Bitcoin, they can start owning Ether."
There's a part of the user base that might do that, and I think it's going to be a dramatic catalyst. He also argued that Facebook's plans were "ignited" by financial institutions considering developing similar encryption products and services. Many people are reported to have been inspired to advertise themselves after the social network took the lead. An example provided by Bogart is TD Ameritrade's recent announcement that it is starting to offer encrypted assets. Related read: Blockchain Capital Partners: Facebook encryption project could lead to an influx of new encrypted users with featured images from Shutterstock Facebook's U-Turn on Crypto Ad Ban effort to strengthen its blockchain first appeared on NewsBTC.
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