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| Facebook lifts ad ban on cryptocurrency |
Facebook has announced its decision to withdraw a long-term policy that prevents most cryptocurrency companies from displaying ads on their services.
The move failed after the company, now called Meta, attempted to launch a cryptocurrency that could be used to send money online to anyone around the world through Facebook products.
David Marcus, Facebook's head of crypto business, has announced that he will leave the company at the end of the year.
Previously, the company said advertisers could submit requests and add information, including any licenses they had. Whether they are listed on the Stock Exchange or in any other general context related to their activity.
In the future, the company will increase the number of approved government licenses from 3 to 27.
“We did this because the cryptocurrency space has continued to mature and stabilize over the past few years,” the company said. They have seen more and more government regulations setting clearer rules for their industry.
The company banned cryptocurrency ads in January 2018. However, in May 2019, the ban was slightly lowered.
The ban prevents crypto and blockchain startups from promoting their work. It also prevented them from reaching potential customers via Facebook and Instagram.
Henry Love, a former member of Facebook's small business team, said the company's new policy is very important to the crypto industry and will enable retail investors more than ever to use cryptocurrencies.
Since 2016, Love, Managing Partner of Fundamental Labs, added that we are seeing higher adoption rates than ever in the crypto industry and the meta universe as the possibilities of crypto companies become more open and transparent. This is a game changer for mass adoption.
Facebook is trying to introduce cryptocurrency
Emad Hassan, another former Facebook employee, said the new policy would be beneficial for startups working on blockchain, the technology that makes cryptocurrencies work.
Hassan, CEO of Retina AI, a startup that helps brands target quality customers via social media, added that companies are prohibited from advertising on Facebook.
In the past year, Facebook has significantly lowered its ambitions in the cryptocurrency space. After previewing its crypto and wallet plans for 2019. The company faces stiff opposition from lawmakers and regulators around the world.
The company launched its digital wallet Novi in October. However, the digital currency, now called Dim and operated by an independent association, is still not open to the public.