The outlook of cryptocurrencies just keeps moving from bad to worse in 2018. Reports emerging say social media platform, Twitter is planning to ban ads for cryptocurrency-related products.
Sky reports that the Twitter ban will be worldwide and would affect initial coin offerings (ICOs), cryptocurrency wallets, and token sales. The ban is expected to be implemented within the next two weeks.
Cryptocurrency exchanges would also get banned when the policy gets implemented. However, Twitter says there would be “some limited exception”.
Twitter Joins Facebook and Google to Ban Crypto-Ads
Twitter is the latest platform to ban digital currency ads. In January, Facebook announced that it will begin removing cryptocurrency ads. And just last week, Google announced a ban on digital currencies too. Both platforms instituted the bans due to rising concerns about “illicit activities”.
With this move by Twitter, it means no cryptocurrency ads will appear in the world’s biggest social media platforms and search engines.
What Impact Would this Have on Digital Currencies?
These widespread bans could have serious impacts on the cryptocurrency world. For starters, it may relegate the passage of information on digital currencies to a few legit websites.
How Else Would Digital Offerings Reach People?
In the long run, it would be harder for coin offerings and other cryptocurrency-related offerings to go widespread. This could drastically reduce their value too.
The recent bans gives more props to regulating the digital currency world. And banning cryptocurrency adverts appears to be the highest form of scrutiny so far. Though it is currently coming from individual companies, it raises questions on what sort of regulations governments may introduce.
This worry may give currency speculators some cause for concern as the freeloading enjoyed last year is officially over. Speculators would be more cautious and even critical of the prospects of digital currencies. With rising cases of currency hacking and scam ICO offerings, some regulations may seem inevitable for the digital currency world.
This worry may have already begun to manifest. On Sunday, according to data from Coinbase, Etherum, the second largest cryptocurrency by market value, dropped to $456 by 5:12pm. This is the lowest it has dropped since early December 2017. Interestingly, it had traded at $976 on Feb 18.
Bitcoin also slumped somewhat. It has lost $774.45 over the last week at the time by 11:23am 19 March.
If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.
Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.