Facebook Drops Bitcoin Ads to Boost Crypto Industry

Meta, formerly known as Facebook, reversed the ban on electronic money advertising on its platforms.

The move will give bitcoin Exchanges, wallets and other crypto companies reach over 3 billion people around the world using the company’s various platforms, including Instagram, WhatsApp, and Facebook itself.

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The ban was initially introduced in January 2018 in an effort to ban “misleading or deceptive promotional practices” such as initial coin offerings (ICOs), which spiked during the initial coin offering (ICO). Cryptocurrency market rally in 2017/18.

Since then, the crypto industry has grown significantly, with milestones including the first crypto exchange to go public via Coinbase’s Nasdaq listing, El Salvador becoming the first country around the world recognize bitcoin as legal tender and major corporate investments in cryptocurrencies through companies like MicroStrategy, SpaceX, and Tesla.

“We are doing this because the crypto landscape has continued to grow and stabilize in recent years and have seen many government regulations that are setting clearer rules for their industry, ” Meta said in a declare.

“This change will help make our policies fairer and more transparent, and allow more advertisers, including small businesses, to use our tools and grow their businesses.” their careers.”

The policy update follows the social media giant’s decision to pivot around the metaverse, which will likely support some form of crypto payments and other blockchain-based technologies such as non-existent tokens. alternative (NFT).

The news also comes just a day after Facebook chief executive David Marcus announced his departure from the tech giant, due to a failed attempt to launch Libra and later Diem cryptocurrency.

The crypto project has faced opposition from lawmakers and regulators in Europe and the United States, however, the company was able to release a digital wallet called Novi in ​​October under the guidance of by Mr. Marcus.

“While there is still a lot of work to be done after the launch of Novi – and I am still passionate about the need for change in our payments and financial systems – my business DNA has driven me through so much. consecutive mornings continue to ignore it,” he wrote on Twitter when announcing his decision to quit.

“I feel comfortable and confident knowing that they will continue to do a good job on our important mission as per [new Novi leader] The leadership of Stephane Kasriel, and I can’t wait to see this from the outside. I know there is greatness ahead.” Facebook Drops Bitcoin Ads to Boost Crypto Industry


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