Since Facebook banned cryptocurrency-related ads on its platform in January this year, Facebook’s relationship with cryptocurrencies has been in a very interesting time period.
But in the near term, the social media giant has updated their policies, although it will continue to ban ICOs advertising, but allows cryptocurrencies to advertise on Facebook. This move is seen as a positive factor in the field of cryptocurrency, which has won a major advertising platform for the field, as cryptocurrencies can reach a large number of users.
However, behind all these events, there are many changes in Facebook’s attitude before and after this event that we can’t find through web search.
Create a precedent
On January 30 this year, Facebook announced that it will update its advertising policy to ban ads that use “misleading or deceptive promotional methods,” including cryptocurrencies and ICOs.
But at the time, the information from the social media giant was confusing, because Facebook founder and CEO Mark Zuckerberg said in a private article that he wanted to study cryptocurrencies further:
There are some important counter-trends—such as encryption technology and cryptocurrencies—to seize power from a centralized system and return it to people. . . . . . I am interested in delving into the positive and negative aspects of these technologies and how to better use them in our services.
Purposeful broad ban
The announcement that Facebook issued the ban did mention that the policy would be re-examined in the future. However, Facebook’s 180-degree turn was unexpected, even though Facebook has not yet made any specific action.
Facebook’s move opened the door for other such social and Internet platforms and also allowed them to ban any content related to cryptocurrencies.
In March of this year, Google adopted Facebook’s reason for banned cryptocurrency ads. Google said under its latest financial product policy that it would not accept “cryptocurrencies and related content (including but not limited to first-time coin issuance, cryptocurrency exchanges, encryption). Currency wallet and cryptocurrency trading advice).
Then Twitter followed closely and confirmed the long-standing rumor that it will also stop all forms of cryptocurrency advertising. Twitter blocks ads for ICOs and other token sales, exchanges, and wallet services (unless they are listed companies and are listed on major stock exchanges).
In January of this year, after Facebook announced the ban on Bitcoin, the price of Bitcoin fell. In the days after Facebook announced the ban, the price of Bitcoin fell from $11,200 to $8,800.
Bitcoin fell below $8,000 in a series of related news in March, and when Twitter and Google announced the ban, the price of Ethereum was less than $600.
Great change in attitude
On June 26 this year, the same policy was updated again, and Facebook announced that it would allow currency ads to be released again, but ICOs will still be banned. The company said it has been looking for the best way to improve the overall ban on cryptocurrency advertising.
The revised “Prohibition of Products and Services Policy” is as follows:
Starting June 26th, we will allow ads to promote cryptocurrencies and related content from pre-approved advertisers. But we will continue to ban the promotion of binary options and first-time coin-issued ads.
Interestingly, Facebook wants to allow content from “pre-approved advertisers,” so it recognizes that “not all people who want to advertise can meet the above requirements.
This move gives Facebook more control over the cryptocurrency field on its platform and, in a centralized way, allows the platform to select cryptocurrency items that it deems worthwhile.
Although Facebook has already expressed its cryptocurrency policy, it seems to be doing something completely different. The social media giant has a confusing relationship with the ecosystem, as there is news that it will develop a blockchain, which may be led by David Marcus, head of the Facebook messaging application Messenger. Messenger style app.
Recently, there have been media reports that Facebook is considering launching its own cryptocurrency, a built-in virtual currency.
The reason why Facebook changed its advertising position has not yet been fully explained, especially given the fact that it set the ban at the outset. But given its potential work on blockchain and cryptocurrency, the implementation of the advertising ban does not benefit the company.
Create a space for yourself?
There is evidence that Facebook’s entry into the blockchain and cryptocurrency markets means that the social media giant will face significant risks, especially in a revolutionary, future-critical area.
By creating an ecosystem that is supportive or participatory, Facebook can help you outdo others. With this centralized control, they have a strong influence on encryption projects that want to get full marketing from Facebook.
Carlos Grenoir, CEO of Olyseum, a blockchain social sports application platform, believes that Facebook’s lifting of the ban may be based on a selfish motive:
The reason for Facebook’s decision to change its ban on encrypted advertising is unclear, but its motives may be related to its own strategy for the development of cryptocurrency. The cryptocurrency ecosystem is expanding rapidly and expanding in mainstream society, which brings new economic opportunities. We also see that regulators are taking steps to provide security for the ecosystem to power the global economy.
Not all news about Facebook’s reversal is seen as skeptical, as some in the cryptocurrency community believe that this move is a major victory for the longevity and advancement of cryptocurrency.
Has it affected?
Cointelegraph, a media agency operating in the cryptocurrency field, under the initial ban of Facebook, when it tried to promote articles related to cryptocurrencies, it actually felt the impact of the ban.
These posts reviewed by Cointelegraph were “revoked” during the ban and then shelved, and Facebook neither confirmed nor denied it.
The only response Coinelegraph received on Facebook was the refusal to post during the ban, which was related to John McAfee’s announcement of an election for the US President’s article, which was considered political because it violated the terms. So, according to Facebook’s terms, should all media posts that report presidential campaigns be rejected?
After Facebook canceled the ban on cryptocurrency ads yesterday, Cointelegraph tried to promote the news while still experiencing Facebook’s equally rigorous approach to content monitoring. The article was put on hold without any explanation or reason.
Facebook is currently creating a confusing space for users in the cryptocurrency space. After Facebook’s ban on such content has expired, the article on the Cointelegraph website has been shelved, and there is no reason or explanation for the official.
easy to understand
If Facebook is indeed reviewing those involved in the field of cryptocurrencies, then this remains to be explained. If this is indeed the way the platform wants to move forward, then it can pose a huge risk.
Facebook has already expressed its attitude, but they did not follow what they said.
Although the lifting of the ban will be considered positive by most cryptocurrency groups, we need to investigate further because it is not released in a declaratory manner.
If Facebook reopens the door to cryptocurrencies, then it needs to be done unequivocally, fairly, and immediately. However, if they use this as a means of reviewing certain projects and helping themselves, they should be further questioned.