Google’s Plan to Ban Cryptocurrency Ads

Why in news?

Search engine company Google made a move to block cryptocurrency ads, including ones for initial coin offerings.

What are increasing concerns of crypto currency?

Crypto-currency is a digital currency that allows transacting parties to remain anonymous while confirming the transaction is valid.
The provision of anonymity is widely misused especially in making cross-border transactions.
They are widely used as a means for money-laundering, terror funding and drug trafficking, and other illegal activities.
The increasing share and presence of bitcoins due to speculative trading for return on investments is also a concern.

What is Google’s move on crypto currency?

Recently Google has moved to block cryptocurrency ads, including ones for initial coin offerings.
It talks about “coordinated action by scammers”, “bad ad experiences” and “mal-advertising and phishing scams” in a blog post to explain its overall ad-screening policy.
It also mentioned about “emerging threats” in the context of its decision to ban cryptocurrency ads.

What are the reasons behind this move?

Google has claimed that it had taken this move for improving the ad experience and for removing harmful or intrusive ads.
It is also to be noted that Google is a corporation, and a corporation is free to take such business decisions.
As the crypto-bubbles are concerning every stakeholder, in order to prevent cryptocurrency scams google has taken this move.

What are the reactions for this move?

Google’s ad-blocking move has been protested by many crypto currency-entrepreneurs as it not been for an encouraging policy and business atmosphere.
Crypto currency market claims that as technology is evolving rapidly it is difficult to evaluate as dynamically each development’s worth and take decisions.
In such a case, caution may seem a sensible thing, but a summary resistance disguised as caution is hazardous.
It will mean that technology that is disruptive, whose full impact can’t be charted just yet, suffers because of passive hostility.
Thus policy and businesses must hedge for the risks emerging tech may carry, but that doesn’t have to be restrictive.

Source: Financial Express