Google bitcoin ban: New policy on cryptocurrency is ‘heavy-handed’ and ‘unethical’, say experts

Google’s decision to prohibit all bitcoin and cryptocurrency adverts on its platforms is unwell-notion-out and potentially even unethical, according to industry specialists.

The brand new coverage, which comes into effect this month, follows comparable bans from facebook and Twitter.

Google announced the ban in a blogpost in March, stating: “advertisements for the following will now not be allowed to serve … Cryptocurrencies and associated content (such as however now not restricted to preliminary coin services, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency buying and selling advice.”

Each Google and facebook have lately discovered their interest in cryptocurrencies and their underlying blockchain technology, leading to speculation that the ad ban is not totally stimulated via a desire to confront criminality.

“I take into account that facebook and Google are beneath a lot of strain to regulate what their users are studying, however they're nevertheless advertising and marketing playing web sites and different unethical practices,” Phillip Nunn, CEO of Manchester-based totally funding company Blackmore organization, told The unbiased.

“i believe the ban has been carried out to suit in with potential plans to introduce their own cryptocurrency to the marketplace inside the near destiny and therefore removing other crypto advertisements lets in them to do it on their very own phrases.”

In may, Google reportedly approached the founder of ethereum – the world’s second most valuable cryptocurrency in terms of market capitalisation – within the hope of potentially securing his services.

A Google spokesperson declined to touch upon either the ban or hypothesis surrounding its cryptocurrency and blockchain aims, however a spokesperson told commercial enterprise Insider in March that it changed into searching into the era.

“Like many new technology, we've got individuals in numerous teams exploring ability use of blockchain, however it’s too early for us to speculate approximately any feasible uses or plans,” the spokesperson said.

Fb additionally hinted at its blockchain pursuits in might also, because it announced the most important management reshuffle in its records.