Google has surreptitiously announced, via an update to its financial services-related ad policies, that cryptocurrency-related ads on its services will be banned before long. As both public and regulatory bodies have become increasingly aware of cryptocurrencies' successes and shortcomings, the company has decided to take a stance until the as-of-yet deeply unregulated cryptocurrency field becomes clearer for users, and is less of a metaphorical minefield. While blockchain is one of the most promising technologies in recent years, and is definitely here to stay, the path for cryptocurrencies is much less clear, and there have been enough warning shots fired across the bow.
As there are veritable cybernetic graveyards of scams and failed crypto endeavors that ruined millions of peoples' lives, Google won't be facilitating these events. As Google's director of sustainable ads, Scott Spencer, told CNBC, "We don't have a crystal ball to know where the future is going to go with cryptocurrencies, but we've seen enough consumer harm or potential for consumer harm that it's an area that we want to approach with extreme caution." The new approach will be brought upon initial coin offerings (ICOs), wallets, and trading advice alike, starting in June this year.
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