Facebook announces the lifting of banned virtual currency ads
Facebook announced at the beginning of the year that it prohibited the use of virtual currency to purchase and place advertisements on the platform. The reason for the ban was concerns about fraud in virtual currency projects. At that time, as long as it was related to the virtual currency advertising content will be forced off the shelf, then Twitter and Google have also begun to ban virtual currency advertising.
Facebook product director said that due to lack of strict supervision, there are many fraud problems in the virtual currency, and the market value of virtual currency reached a high point at the beginning of the year.
At the time, many virtual currency projects or ICO projects had problems with hype and fraud. In view of this, Facebook decided to directly prohibit such content from placing advertisements. This virtual currency return is not a direct self-pay purchase, as it used to be. Instead, it has to submit a special application form for virtual currency categories to Facebook.
The application form needs to describe in detail the trading platform for virtual currencies, operating licenses obtained from regulatory agencies, and the ability of virtual currencies to be traded in the market.
Facebook product manager Rob Leathern said, “Given these restrictions, not everyone who wants to advertise will be able to do so. But we’ll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time.”
At the beginning of the year, the overall market value of the global virtual currency reached the highest point. At that time, the leading bitcoin of virtual currency had exceeded the record of $20,000 per Bitcoin.
However, with the strengthening of supervision and the enthusiasm of investors in countries around the world, bitcoin prices have only been around US$6,000 per Bitcoin.
Therefore, even if Facebook is currently lifting virtual currency advertising, it will be less attractive to virtual currency publishers and investors.
Source: CNBC
