(FinancialPress) — Industry experts believe that Google‘s blanket ban on all cryptocurrency ads has shady intentions behind it. The decision has been labeled as harshly as unethical.
The decision, which follows suit with bans placed by Twitter and Facebook, comes into play this month.
The original announcement was made in the company‘s blog last March, stating that “ads for the following will no longer be allowed to serve … Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice.”
The base reason given for the ban by all parties was putting a halt on criminality in the booming crypto sector and pumping the brakes on cryptoscammers. However, given that both Google and Facebook have revealed interest in blockchain technology and cryptocurrencies, those claims are beginning to face scrutiny.
Blackmore Group‘s CEO, Mr. Phillip Nunn, chimed in on the subject: “I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices”.
“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future and therefore removing other crypto adverts allows them to do it on their own terms.”
Google reportedly reached out to ethereum founder Vitalik Buterim in hopes of securing his services to develop a blockchain-related project. Ethereum holds the #2 spot in the cryptocurrency capitalization rankings.
A Google representative declined commenting on the matter. A source told Business Insider that the company is indeed delving into blockchain projects.
“Like many new technologies, we have individuals in various teams exploring potential use of blockchain, but it’s too early for us to speculate about any possible uses or plans,” the source said.
Facebook‘s move in the matter consisted of moving David Marcus, former leader of the Messenger unit, into an exploratory blockchain team.