Published: Wed, March 28, 2018
Culture | By Glenn Strickland

Twitter to ban cryptocurrency advertisements from March 28

Twitter to ban cryptocurrency advertisements from March 28

"As such, we have added a new policy for Twitter Ads relating to cryptocurrency", a Twitter spokesperson told CNBC Monday. Google made no such provision regarding exchanges or wallets by publicly traded companies in its version of the ban, saying it would bar ads of ICOs, trading advice, cryptocurrency wallets, and cryptocurrency exchanges.

"With the increasing number of ICOs coming to market it is an impossible task for anyone, much less platforms like Twitter or Facebook, to keep on top of which ICOs and cryptocurrencies are genuine versus frauds", said Zennon Kapron, director of financial consultancy Kapronasia.

Twitter's attitude and actions toward cryptocurrencies have undoubtedly led to both pain and success in the arena.

Although the hearing is a good start to learn more about what went wrong with Facebook's lax platform policies, and to potentially uncover other issues with Google and Twitter's data practices, the Senate Judiciary Committee seems to have invited only one side of the argument.

San Francisco: Twitter has confirmed that it will begin blocking cryptocurrency-related ads on the platfrom from Tuesday even as the micro-blogging site updated its policy relating to such advertisements.

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ICO promoters and the various communities will be badly affected by this move as twitter is a key means of promotion for many of these coins.

When the Twitter ban was first hinted at, CNBC report that Bitcoin prices fell sharply. Figures that were being impersonated included Vitalik Buterin, Elon Musk, and Justin Sun, to name a few.

Twitter and Square CEO Jack Dorsey's belief in Bitcoin doesn't seem to extend to all crypto.

Bitcoin swung between gains and losses around the $8,000 mark as investors digested the latest developments in a widening social media crackdown on digital tokens. In an interview with The Times, Dorsey confidently exclaimed that within 10 years, bitcoin would likely stand as the world's "single" currency, and that fiat or other forms of virtual money would become obsolete or nonexistent.

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