Twitter to ban cryptocurrency ads, CEO calls bitcoin currency of the future
Twitter, the microblogging platform, has joined the growing chorus of online entities that will ban cryptocurrency ads on its platform, according to Bloomberg Law. The move comes on the heels of other online giants, Google and Facebook, announcing similar bans earlier this year.
Google, the internet’s largest provider of digital advertising, announced that starting in June, it is changing its advertising policy to curtail certain financial services. As it relates to cryptocurrency, it will no longer allow, “cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice).”
Google’s announcement follows in the footsteps of Facebook, which made similar changes to its advertising policies in January. Under the new Facebook policy, no ads that promote financial products and service that associated with scams or deceptive promotional practices. Facebook took this step to deter people from falling prey to cryptocurrency scams.
Twitter’s ban will start in two weeks and will effectively ban any advertisement for initial coin offerings (ICOs), cryptocurrency wallets, and exchanges. The ban, however, isn’t intended for all cryptocurrency. It’s expected that verified accounts could potentially still be able to advertise its products and services.
Cryptocurrency scammers on Twitter
But even then, as Buzzfeed recently reported, verified accounts could still pose a threat to Twitter’s users.
A February scam saw cryptocurrency scammers make a mocked version of the verified account of Tron Foundation, a decentralized content entertainment platform based on blockchain technology. The hijackers copied Tron’s Twitter account and even got a blue check mark, which proves a user is verified. The scammers accomplish this by taking over another account that was already verified and then changing it to match Tron Foundation’s Twitter account.
Twitter CEO praises bitcoin and blockchain
But despite Twitter set to ban cryptocurrency ads, it’s co-founder and CEO, Jack Dorsey, spoke highly of bitcoin. Speaking with The Times of London, Dorsey, who’s also CEO of Square, the mobile payment company said bitcoin has a bright future.
“The world ultimately will have a single currency, the internet will have a single currency,” Dorsey told The Times. “I personally believe that it will be bitcoin.”
Dorsey is a fan of cryptocurrency and its blockchain technology and the CEO has put his money where his mouth is. In January, Dorsey’s Square app gave its user the option to buy and sell bitcoin in most states. In addition, Dorsey was part of Lightning Labs $2.5 million seed financing. Lightning Labs is a start-up aiming to make bitcoin transactions faster and more efficient.
While news of Twitter’s ban isn’t official yet, one thing is certain, the microblogging platform CEO see a bright future for bitcoin and blockchain in particular.