Executives from the finance industry have criticized Google’s recent banning of cryptocurrency advertising, stating that their decision was both ill-conceived and unethical. Google’s decision was soon mirrored by social media giants Facebook and Twitter.
Google’s decision to ban all cryptocurrency advertising from its search engine – a move mirrored soon after by Facebook and Twitter – is unethical and ill-conceived. So says various members of the finance industry, who point at that the cryptocurrency industry has been unfairly victimized, while an industry with a proven track record of destroying people’s lives such as online gambling is allowed to advertise heavily and unhindered.
Google’s Crypto-Ad Ban “Unethical”
Philip Nunn (pictured) is the CEO of the Manchester-based investment firm the Blackmore Group. In a recent interview with The Independent, Nunn said that the ban, which covers cryptocurrencies, ICOs, crypto exchanges, crypto wallets and crypto trading advice is hypocritical, as both Google and Facebook have previously indicated an interest in cryptocurrency and blockchain technology. Such interest indicates that their advertising bans are not based on any concerns about criminality within the crypto industry.
“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices”
Said Nunn during his interview with The Independent. There is also a growing theory that the banning of advertising by Google, Twitter and Facebook has significantly hurt the cryptocurrency industry, which has failed to build on the great strides it made in 2017.
Do Google & Facebook Have An Ulterior Motive?
Nunn believes that the real motivation behind the bans are that both Google and Facebook have plans to introduce their own cryptocurrencies. This belief is backed up by a Google spokesperson admitting to Business Insider in March that the company was indeed exploring blockchain technology.
Facebook also recently indicated a major interest in blockchain technology. In May it was revealed that Mark Zuckerberg had put together a select team headed by ex-Facebook Messenger chief David Marcus to explore the blockchain concept, and how it might benefit Facebook.
Ironically, by the time either company establishes its own crypto, the long-term damage their advertising bans have inflicted on the industry may be irreversible.