Google bans adverts for bitcoin and other cryptocurrencies after seeing 'potential for consumer harm'
-
Loading... - Angie.Morgan
- 15 Mar 2021
- 1201 Views
- 0 Like
- 0 Comment
Google has taken a firm stance against cryptocurrencies like Bitcoin after announcing that all adverts regarding digital currency will be banned.
As well as the likes of Bitcoin, Ripple and Etherium, search results won't display adverts for digital wallets, initial coin offerings (ICOs) and cryptocurrency exchanges.
The search giant made the announcement in an update to its financial services products after revealing that it sees "potential for consumer harm" around the likes of Bitcoin.
The ban is set to come into effect in June 2018.
It's also set to affect any aggregators or affiliates that use its services - so you won't see adverts for bitcoin on third-party sites either.
"We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution," Scott Spencer, Google's director of sustainable ads, told CNBC .
Because the blockchain technology is open-source, there are all manner of vendors using legitimate cryptocurrencies who will now be blocked from Google AdWords.
Created by a mysterious developer who uses the pseudonym Satoshi Nakamoto, bitcoin exploded on to the financial scene in 2013, following enormous increases in their value.
Late last year, the digital currency hit the mainstream and saw huge increases – followed by massive drops just as quickly. Some say it's the future of money, others say it's nothing more than rampant speculation.
