Internet giant Google has announced that it will be banning of all advertisements related to cryptocurrencies on its platforms as it attempts to build an "advertising ecosystem that works for everyone."
The ban is as a result of a policy change and is expected to come into effect in June. Google's director of sustainable ads, Scott Spencer, in a blog post, said all ads about Bitcoin, ICOs, exchanges, and wallets will be taken off Google's network, although digital coins won't be the only ones affected by the policy change.
“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” he wrote.
"We also updated our gambling ads policies to address new methods of gambling with items that have real-world value (e.g., skins gambling).
And we will introduce a new certification process for rehabilitation facilities, allowing legitimate addiction treatment centers to connect with people in need," he added.
As such, crypto ads will be blocked on Google's search engines, the websites it owns like YouTube, as well as third-party websites that subscribe to its advertising services.
The policy change was to protect investors from losing their money to scams and fraud artists, Scott said. He revealed that Google took down 100 bad ads per second in 2017 and over 3.2 billion in total just to protect its users.
Bitcoin and cryptocurrencies have become very popular since last year following an explosive rise in its price. As such, there have been numerous entities hoping to take advantage of naive newcomers in the sphere through fake promises of large returns on investments.
Google will be the latest addition to authorities and firms that have mounted a crackdown on cryptocurrencies. Facebook recently banned crypto ads on its network and several governments are currently crafting laws to try and regulate the crypto marketplace.
The wave of regulations and bans caused cryptocurrencies to depreciate significantly at the beginning of the year. Following Google's announcement, Bitcoin depreciated, falling below $9,000 despite posting significant recovery from the fall of early 2018.
The crypto market is really volatile and it's anyone's guess if the fall will continue or not but going by history bans usually don't augur well for cryptocurrencies.
However, many HODLers expressed support for Google's action, arguing that most of the many crypto-related advertisements are scams and are poorly constructed. It's believed the ban will make available better genuine information about cryptocurrencies to newcomers instead of the multiple "buy X-coin" ads they are usually bombarded with.
Nevertheless, the ban will hurt genuine players who offer real crypto services.