Facebook Updates Its Crypto Advertisement Policies for Bitcoin and Blockchain Campaigns
There is no doubt that Bitcoin and the blockchain technology have gathered some respect since 2017. While the bubble exploded last year and this shoot the prices down, companies are slowly but surely changing their position on the blockchain technology. Facebook was one of the latest companies to change their mind.
Now ads which are related to blockchain technology, industry news, events, and educational material will be free to be displayed on the site. The announcement happened today, May 8.
This is quite a change since last year Facebook implemented a policy in order to block crypto promoters from using the site. Even after the company decided to become more friendly to cryptos, ads would still need to be supervised before they could be sent out to the world. Now, the people who run this kind of ad will not need to get prior consent from Facebook.
However, if you desire to promote a specific cryptocurrency, Initial Coin Offerings (ICOs) or similar projects, you will still be forbidden to do it at the platform. Facebook believes that this move will help to stop scams and unsuitable investments, something that many ICOs were accused of being.
The company has an official stance of being against “misleading advertisements”. In order to promote a specific crypto product, you have to go through a very particular background screening process. You have to obtain licenses, describe whether your product is publicly traded and all other information which may be relevant.
In any case, this is an important development for the situation since Facebook used to simply block all-crypto related advertising at first, something that Google has also done at the time. This decision was deemed to be bad for the environment of cryptocurrencies and, eventually, it started to be turned around.
The decision to change its mind about crypto ads might also be related to the fact that Facebook is currently creating its so-called Facebook Coin. The company has recently acquired the rights to the “Libra” trademark, which is probably going to be used in its secretive project.
At the moment, Facebook is seeking over a billion USD in investments to create its own token (Libra Coin?), which will be used on its main platform, Instagram and WhatsApp.
Whenever this token is finally launched, we can expect that Facebook may start to promote the blockchain technology much more aggressively if the company indeed uses it as a basis for the architecture.