Facebook reconsiders cryptocurrency ads
Earlier in 2018, Facebook was the first to ban advertisement about some financial products and services, especially cryptocurrency. After which, Google and Twitter followed suit. Now Facebook is reconsidering its stance on the ban.
According to one of the latest updates on its prohibited products and services policy for advertising from the social media giant, Facebook, there has been a move to review the policy so that the platform would again allow adverts promoting cryptocurrency and related content from pre-approved advertisers but ads that promote binary options and initial coin-offerings still remains banned on the platform.
As of June 26, 2018, Facebook has begun to make advertisers go through an application process to access eligibility. The eligibility criterion includes whether the advertiser is a publicly traded company or has any relevant public background.
Rob Leathern, Product Management Director at Facebook, in the news update, affirmed that feedbacks would be welcomed and the company would continue to study the technology while also looking at how well the ad policy works and revise it, if necessary.
It should be noted though the Central Bank of Nigeria (CBN) is yet to make a change on its stance about digital currencies, even in spite of the call by the House of Representatives on the apex bank and the Nigerian Deposit Insurance Commission (NDIC) to come up with a regulatory framework.
Will other Internet giants that have previously ban cryptocurrency ads join Facebook in reviewing their advertisement policy to accommodate it again?