Popular social networking site, Facebook, has been making headlines ever since it started work on its much-anticipated cryptocurrency or stablecoin (the project is highly secretive, hence the confusion). The social media giant has been reported to be consulting industry experts, hiring experienced teams as well as posting jobs for new personnel, and leaving no stones unturned to raise funds for the project that according to many industry experts can generate billions in revenue. Perhaps, it is this association with crypto and blockchain that has led Facebook to revise its somewhat harsh advertisement policy that about a year ago had banned all Bitcoin and ICO related ads.
Details of the Revision
Even though Facebook is still keeping a tight rein on ads on crypto related products that need to undergo a screening process before they are granted permission to post their content on the site, it has decided to go lenient on ads pertaining to crypto news, upcoming events, and informative content on blockchain. These will not have to wait for written consent anymore.
Moreover, Facebook has decided to update its company policy to keep the ban on ICO and token sales related ads intact. The announcement noted:
“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference (CFDs), complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”
Facebook’s Pro Crypto Endeavor
The revision comes in as a massive push for the crypto community as Facebook with its 2.38 billion active users is possibly the biggest platform in the world to promote businesses. Moreover, its crypto coin, “Libra” seeks to revolutionize the online payments market and will allow users to pay for everyday items via any of its umbrella platforms, thereby promoting mass adoption of cryptocurrencies like never before.