Google has announced today that they will be updating adword policies which will wipe out cryptocurrency advertisements from being ran on their platform. Scott Spencer, Director of Sustainable Ads said in a statement:
unregulated or speculative products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs).
Google Views Cryptocurrency Ads as ‘Deceptive Content’
Google has also modifed adword policies related to gambling and requiring a new certification process for rehab and treament programs. But the cryptocurrency ban is a major blow towards the idea of global adoption and utility of blockchain technology. This is part of Google’s ongoing effort to reduce spammers, scammers and everyone in between. Google had 3.2 billion ad violations in 2017 alone equating to more than 100 ads per second. Right now, cryptocurrency is caught in the crossfire as enthusiasts try continuously to legitamize its model.
The crypto ban will become effective in August but terms of their financial services restricting the “advertisment of contracts for difference, rolling spot forex, and financial spread betting” starts in June. Unlike the above mentioned, cryptocurrency ads are ineligible for ceritification and not allowed in Google’s ‘ecosytem’ whatsover. This ban isn’t just limited to Google platforms but even third-parties that generate revenue via Adwords. This may have a stunning impact on Adword’s publishing revenue but nowhere near the damage that Bitcoin is already experiencing.
Bitcoin’s Losses Have Just Begun
The blockchain’s first born, Bitcoin, dropped nearly 10% within hours after Google’s announcement. Search engine activity for the term, ‘Bitcoin’ has also hit a six-month low. Ethereum and Bitcoin cash trailed their deity both falling around 9% since the news. It was predictable for Google to follow Facebook’s lead on banning cryptocurrency ads. Both times have reaped a myriad of investors jumping ship and causing its value to rapidly sink. Could it be that, like Facebook and even Amazon, Google is considering to produce their own cryptocurrency-related tech and using the ban as leverage?
Now the biggest question on people’s mind is how are cryptocurrencies going to survive? With Facebook and Google making their points clear, user exposure to crypto content will sharply decrease. However, we can’t forget about Bing which now may unknowingly become the modern crypto savior for more businesses than they bargained for. They currently don’t have specific terms such as ‘cryptocurrency” listed in their ad policies.
There’s also a part of me that can’t help but think that blockchain technology has the ability to replace Google altogether. Of course, like all things it will take time, trials and tribulations. But we’ve barely scratched the surface of realizing how much value blockchain can truly provide for the future. Blockchain isn’t going anywhere and neither is digital currency; this is something we’re all going to have to deal with whether we like it or not.