Facebook made headlines a few weeks ago when they announced that they will no longer allow ads for anything related to blockchain technology. However, the company suddenly reversed its course by announcing that the ban has been officially dropped for the time being. Facebook has been using blockchain technology in an attempt to create its own form of cryptocurrency that can be used along with WhatsApp. They tried to keep the project a secret. However, it was leaked to the media. The ban also applied to ads for cryptocurrency. An application will now be required for any ad relating to cryptocurrency or an initial coin offering.
The original ban on cryptocurrency ads was because Facebook believed that many of the companies involved with these products were trying to scam the public. There is no question that there are many shady business dealings online that have to do with cryptocurrency. The unfortunate thing is that now cryptocurrency and blockchain have received a bad rap because of some criminals that happen to use this technology. Facebook realizes that it would be odd to have a ban on blockchain and cryptocurrency ads and then announce their own version of cryptocurrency a few months later. They want this technology to gain acceptance.
There were problems with Facebook’s ban that impacted honest companies that were not involved in any criminal dealings. For example, there is a company called Bloom that utilizes blockchain technology to assist people with managing all of their online personal info. The company is a very big spender on Facebook ads. However, the ban on blockchain ads removed all of Bloom’s ads from Facebook without any warning. As you might imagine, the leaders of Bloom were not thrilled with this development. They are glad to see Facebook come to their senses by allowing blockchain ads to appear on their platform once again.
There has been no word on an exact release date for Facebook’s cryptocurrency. It is still in the very early stages of development. They need to get large amounts of financial backing before it can be launched. They are talking to banks right now to put that in place. Facebook also said that ads promoting cryptocurrency industry news and various events would be allowed without the need to get permission in advance. However, ads that directly promote initial coin offerings will still need written permission to be posted on the site.