Google has lifted its ban on ads relating to cryptocurrencies in its site partially. Though the digital coin sector continued to face pressures from regulators, the search engine giant action might be baffling to some while it might be an encouraging sign for others. However, look at the reasons behind the company to end its ban though partially.
Sign of Maturity
A lot of things have happened between the period of Google’s announcement of banning ads and the execution period. Though the search engine giant has announced a ban on cryptocurrency ad in March, the official ban has started only from June. By this time, the overall digital coin sector has taken a big hit. This has led to a rethinking on the marketing of virtual assets to attract new users. Currently, the overall market looked to be a range-bound one. This is interpreted as a sign of maturity through a long way to go.
Last month, Google declared that any registered digital currency exchanges would be permitted to place their ads to attract users in Japan and the United States, financemagnets reported. This raised a question mark as to what extent the concerns voiced earlier has now been alleviated. The uncertainty and regulatory pressures are continued to be there as most of the digital coins price has plunged more than 50 percent in the current year.
Though there is a lack of specific regulations in respect of digital currencies in the United States, regulators like the CFTC and the SEC are cracking down with individual lawsuits on crypto-associated firms. This has led to caution among the players in the digital coin sector. This is quite the opposite of what happened in 2017 when the illegitimate actors took advantage of the growing popularity of the emerging asset class.
The ground realities on cryptocurrencies have changed around the world though there are no specific regulations. The regulators are able to find bad actors through different means, and the registration process has given some kind of hope. Significantly, it is this factor that made Google to relax the ban on crypto ads.