The rolls back of Facebook ban on cryptocurrency ads which is ramp up of its own blockchain. Last Wednesday saying that it is loosening its ban on ads that is related to blockchain and cryptocurrency technologies which there is a change in policy that comes amid reports that Facebook is now ramping up efforts just to build of its own cryptocurrency.
Stephen Lam from Reuters – Mark Zuckerberg, The Facebook CEO, making his speech in annual F8 developers conference in San Jose, California US last April 30, 2019,They started blocking the ads promoting cryptocurrencies amid its initial coin offered last January 2018 over concerns, which users might be scammed by initial coin offered by some of crypto start-ups. The company loosened its ban last June just to allow ads from the advertisers who received prior written approval. And now it was further rolling back the policy so all that many types of ads will no longer be require approval. We’ve all listened to those feedback and assessed the effectiveness of the policy, and also Facebook added last Wednesday in a blog post.
“While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.” Facebook company has become under scrutiny over the wide reach of this policy from the past year , And last October, CNBC point out the ban’s impact on bloom, a San Francisco start up which is uses blockchain technology just to help people and keep control over their personal data online, and had spent hundreds and thousands of dollars on Facebook ads just to promote its service, but the saw all of its suddenly banned by the social media network last October
According to Shannon Wu of bloom in a statement.“It’s good to see them (hopefully) evolve their stance on new technology that puts users in control of their data,”
and the Facebook rollback comes amid reports which the company is working on, its blockchain project. Last December, it was reported by Bloomberg which the company is building called stablecoin, which allow Whatsapp users to send cryptocurrency payments to one another. And has been in talk with dozens of financial firms and the e-commerce companies support the initiative according to the Wall street journal report last week.
Crypto efforts continues to ramp in, and the social media giant went to rolling back its 2018 banishment, related ads from the platform. That is why in a blog post last Wednesday, Facebook saying that after listening to those feedback and assessing policy’s effectiveness the company will be no longer require pre approval for the related ads in blockchain technology, and industry news education or events related to cryptocurrency users are still required to get the pre approval for promoting ads cryptocurrencies.
January 2018 when Facebook initiated a complete ban on cryptocurrency and blockchain ads, and slightly loosening the banishment to allowed the pre approval ads in a few months later, and previously reported Facebook blockchain project and internally called it Project Libra that will involve a stablecoin backed under government currency, the said firm acquired the trademark Libra from unknown tax company last April 2019.