Facebook has been in news for quite a sometime now. Surrounded by all the scandals and blames, they are now trying to improve their condition by gaining the trust back of its users. Facebook has introduced a lot many data protection features for its users and banned the display of some ads. Cryptocurrency ads were one such category which was banned to be displayed on the platform. However, today Facebook changed its plans. They are now allowing a selected list of pre-approved advertisements to run on their platform.
History Behind The Ads Ban
In January 2018, Facebook banned all the ads which promoted financial products. The main services included in these were initial coin offerings (ICOs). There were some well established digital currencies too whose ads were banned.
Other Companies Following The Same Path
Following the ban imposed on crypto ads by Facebook, in March Google did the same on many products. Google was not the only follower of Facebook in this. Snapchat and Twitter also followed the path made by Facebook. Twitter decided to show only exchange and wallets ads. Snapchat displayed the cryptocurrency ads and imposed a ban on ICOs.
Cryptocurrency Future In India
The cryptocurrency companies are blooming in the world with a little downfall in recent days, but the scenario might not be the same in India. Reserve Bank of India (RBI), the governing body of currency in India has issued a warning to the companies dealing with the cryptocurrency exchanges. They have set a deadline as of July 5th for the banks, payment companies to stop dealing with the cryptocurrencies. The future of crypto might not look too good in India but people holding a lot of it might figure a way out of all this.
Upliftment Of The Ban
In this case, the company is holding on to its words. The company has decided to lift the ban on some of the products which are safe and does not violate any policies. The cryptocurrency companies generate a lot of income for the other companies regarding the ads. Hence, Facebook decided to allow some of the advertisements which are beneficial for the users and does not violate any policies.
Now, the advertisers can get their ads approved if the ads are within the policy on some of the cryptocurrency products. However, other products like ICOs and other options are still banned from the platform. In order to get their advertisements approved, the advertisers need to show the license they have obtained. They may have a license on the public stock exchange or other relevant business for getting their advertisements approved. Hence, it might be a good news for some of the companies related to financial products.