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Highlights
- Social media giant Facebook has decided to reverse its ban on cryptocurrency ads.
- Facebook had decided to ban crypto ads in January 2018 on its platform to ensure that investors are not swayed by any ‘misleading or deceptive’ messaging.
- Facebook itself intends to go big on crypto with metaverse and NFTs.
In a major development, social media giant Facebook, now rebranded as Meta, has decided to reverse its ban on cryptocurrency ads almost after three years. Facebook had banned crypto ads in January 2018 but then revised its ban in May 2019. But despite revising the ban, the crypto start-ups were unable to promote their work on Facebook. The decision was taken to ensure that investors were not swayed by any ‘misleading or deceptive’ messaging to invest in particular crypto.
However, the explosive growth of the cryptocurrency market in 2021 coupled with Facebook’s crypto ambition, its projects Diem and Novi are in the pipeline, could be the reason behind the ban reversal.
In a statement, Meta stated that they are more confident with the talks on regulations in a more aggressive manner and how the government is clear on its stance on cryptos.
It added that the recent decision would also help Meta allow more advertisers, including the small businesses, to be a part of the crypto ecosystem and help them grow their business.
Also read: Why Netvrk (NTVRK) crypto is in high demand today?
First step in the right direction
The latest step does look like Facebook slowly working on its crypto ambitions. Facebook has been leaning on metaverse and non-fungible tokens. In fact, in October, the company had stated that its metaverse would support the NFTs on Ethereum protocol, where they have thrived.
The decision would be beneficial to the crypto world as now they can get a wider audience through Facebook’s most prominent social media platforms -- Instagram, WhatsApp, and Facebook itself.
The move could also benefit the company as after receiving the pushbacks from the regulators on its crypto wallet project Novi, this could help the company expand its crypto ambitions in the areas of crypto ad marketing.
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It could also give the developers some breathing time as they get issues related to Novi Wallet sorted and at the same time work on its stablecoin project Diem.
Conclusion
The decision to unban crypto ads is a significant boost to the crypto industry. The advertisers now get a more extensive reach and thereby would increase crypto adoption globally. One could also see the retail investors flocking into access cryptocurrencies more than ever before.
Facebook, in future, could adopt a more aggressive approach towards crypto market and with Novi and Diem still on their mind, we could see more projects being developed by the company as we head into 2022.
