This move by the company is a part of an update to its advertising policy that will also ban other promotional campaigns for bitcoin exchanges, initial coin offerings and digital wallets used to store in assets. According to experts, this decision has been taken by Google in a bid to deal with the emerging threats of cryptocurrencies and other related content and to improve the advertisement ecosystem experienced by its users.
This move mirrors the one made by social networking site Facebook in January, which also banned crypto related advertisements across its platform.
This year, cryptocurrencies have been in the headlines for a long period after the price of bitcoin and its kind spiked up to at $19,850 (£14,214) in December second week, just near Christmas.
As per CoinMarketCap, the current market value is calculated to be at £252bn, ($352bn) with more than 1500 kinds of virtual coin in play.
$APEX Token Fund CEO, Chris Keshian said that the company considers Google’s steps to be progressive as far as it continues to have an open mind and does not cover all the cryptocurrencies with the help of the same brush.
He further said that a crackdown on crypto-related content is the best way to remove the numerous fraudulent and irresponsible ICO. Also, placing greater emphasis on cases that are against unregistered people who act as brokers, agents and investment professionals in the crypto-world is another great way to deal with the situation.
While Google announced about the changes in its policy, it said that 3.2bn advertisements which did not comply with its rules last year were removed- 100 ads per second, as per company’s claim. This figure is almost double of the ads which were removed in the year 2016.
Director of sustainable ads, Google, Scott Spencer said that improving the advertisement experience on the web; whether that includes removing intrusive or harmful ads will continue to be the company’s top priority.