It would seem that Google is about to reverse its stance on cryptocurrency advertisements, at least according to a recent report from CNBC.
This comes as Google imposed an all-inclusive cryptocurrency advertisement ban this past March, formally introducing the measures in June.
More specifically, the search-behemoth is said to introduce a new policy relating to cryptocurrency advertising this October.
Initially, these new rules will allow the cryptocurrency exchanges that are regulated to purchase advertisement – both in the US as well as in Japan. In addition to this, firms will also be able to apply for publishing ads in other countries.
Nevertheless, it should be noted that these measures do not constitute a complete revocation of Google’s ban. The March decision also prohibited advertising related to cryptocurrency wallets, trading advice, and ICOs.
These will continue to be shunned by Google – however, industry observers have expressed hopes that these first measures towards allowing some cryptocurrency-related ads again might only be the first to come.
Google’s reasoning at the time of banning cryptocurrency ads was that they could spawn fraud and promote scams, which Google responded to by implementing their sweeping cryptocurrency ban – meaning that both ”good” and ”bad” cryptocurrency ventures alike were affected by it.
At that time, Google’s ”Director of Product Management, Sustainable Ads” Scott Spencer commented that the cryptocurrency advertising ban was not necessarily the only way forward for Google in relation to cryptocurrencies.
”We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm of potential for consumer harm that it’s an area we approach with extreme caution,” Spencer noted.
It would now seem that Google is trying its hand at allowing cryptocurrency advertisement once again – albeit in a somewhat limited fashion.
Google has sustained heavy criticism from industry figures for its blunt ban on cryptocurrencies, with critics claiming it unfairly affects legitimate cryptocurrency ventures, and prevent them from expanding their customer base.
Moreover, it should be noted that Google’s parent company – Alphabet – receives a whopping 86% of its total revenue from advertising, creating a strong incentive for Google to begin approaching the cryptocurrency advertising industry.
As Google is now reversing course on its blanket ban on cryptocurrency ads, it remains to be seen how this story will continue to develop once October rolls around.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.