For the last few months, cryptocurrency—and bitcoin, in particular—has been all the rage, except Google doesn’t seem to think so.
The multinational technology company has decided to forbid cryptocurrency ads from its platforms. Though Google hasn’t released an explanation for the ban, the new policy will take effect in June, and will impact endorsements for “initial coin offerings, bitcoin exchanges, digital wallets to store the assets, and trading advice,” according to BBC.
Google made its determination based upon the fact that “it felt there was a lack of appropriate consumer protections for highly speculative and complex trades,” BBC reported. Facebook also moved to ban all ads promoting cryptocurrency in late January. Google platforms include search results, YouTube, and third-party sites.
Bitcoin, Ethereum, and Ripple prices dropped after Google made the announcement on Wednesday.
The new policy comes after the International Monetary Fund publicized a warning regarding cryptocurrencies on Tuesday. “Money laundering and terrorist financing is only one dimension of the threat,” Christine Lagarde, IMF’s managing director wrote on the IMF blog.
She continued, “The rapid growth of crypto-assets, the extreme volatility in their traded prices, and their ill-defined connections to the traditional financial world could easily create new vulnerabilities,” adding, “We must welcome their potential but also recognize their risks.”
Just last week, Merriam-Webster announced that it added the word “cryptocurrency” to the dictionary.
