Facebook allowing some blockchain ads – here's everything to know

The cryptocurrency was everywhere last year when it saw a significant hike. Where everyone else was happy with the progress Facebook seemed a little bit disappointed and started banning the ads. However, it seems like the old relationship between the controversial digital money and the scandalous social media king (Facebook) has rekindled again. Nearly after a year of banning the ads, now Facebook is allowing all block-chain related ads that include the industry news, education, technology and even the cryptocurrency related event ads without any pre-approval.

According to critics last year when the cryptocurrency saw significant hike, bad actors started misusing the social media platforms for scamming people. The attention-hungry cryptocurrency industry clung on to these social media websites to advertise their event and instead of helping and educating people they started selling them fake tickets to events. To make it safer for the beginners and relatively unfamiliar audience, Facebook decided to ban the ads related to the cryptocurrency. This step was taken after observing and receiving numerous complaints by various sources about the ongoing scams. The ban was initiated during January 2018 when the cryptocurrency industry was at its peak time however, in June 2018 they finally took an initiative to allow the cryptocurrency related ads after pre-approval.

Recently, users have reported that they are now able to see virtual money ads related to blockchain education on the site. Moreover, from June 5th the social media network will be banning any promotional contracts for difference as well as complex financial products that can be linked with the predatory behavior. This step is taken because these advertisements usually mislead people and create a hostile environment for people who are interested in investing in cryptocurrency.

According to an insider report, the blockchain group owned by Facebook has dropped down, Julie Verhage from Bloomberg has reported that they have nearly 50 employees and one fifth are vouching for PayPal where previously David Marcus was the president. Their focus was on the stable coin and they were linked to various currencies that Facebook was trying to raise from their outside investors for maintaining their cryptocurrency’s price.

To bring the Facebook stablecoin the company didn’t just raise investment but they also insisted on a plan where they hired PayPal talent. They have built universal checkout option for the e-commerce however, they are still working as the middleman for money and this has raised certain concerns regarding the scams that might take place. Experts are predicting that Facebook could undercut the fee by using the blockchain technology to help the user transfer instantly between the account.

Facebook allows some blockchain ads – here's everything to know
Photo: Beck Diefenbach/Reuters

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