Facebook Relaxes Cryptocurrency Advertising as Crypto Surges Up

Blockchain | Crypto News | Latest News

Facebook has been making strides for months into launching its own stable coin despite the fact that the social media giant had put up a hostile stance towards crypto advertising, which they are now trying to change. Telegram and Signal are also working towards incorporating cryptocurrencies into their services. Last year, one of the many articles regarding the stable coin referred to Facebook’s intention to have their coin listed in several foreign currencies and not just the dollar. So far the crypto project has been under wraps with the company providing as little information as possible.

However last year the company hired an elite team to advance its blockchain agenda estimated to be about 50 total in number. With its collective client base estimated to be around 2.8 billion, Facebook could potentially replace conventional banking, given that Telegram raised a whopping $1.7 billion last year to fund its cryptocurrency project.

Facebook had last year banned cryptocurrency advertising based on the premise that a lot of those advertisements were not made in good faith and were mainly for fraudulent purposes. The ban covered ICOs and adverts on binary options as well. At the time of the ban, Facebook had mentioned that the decision would evolve with time but the security of its users was paramount as they sought ways to fix the ingenuine advertising strategies.

FREE CRYPTO COIN JUNKY HANDBOOK - 147 page guide covering Crypto Fundamentals, Beginners/Advanced Crypto Trading Strategies, Crypto Mining Techniques, ICO Investment strategies, and so much more.

CRYPTO TRADING STRATEGY GUIDES - Whether You're Day Trading, Swing Trading, Or Just Investing...Our Extensive Guides Will Get You To Where You Want To Be.

The ads at the time required a written approval by Facebook before they could be run. The company had a landing page for the application of various kinds of advertisements including cryptocurrency and digital assets related ads, which were at the time labelled as ‘prohibited’ hence the application and approval process. When the ban was announced, the company said that they were enforcing their ‘Prohibited Financial Products and Services Policy’ that is meant to curb predatory advertising behavior on the platform.

As of time of post, Facebook has changed its stance on crypto advertising. Prior to the announcement today, the company has had to rely on feedback from its users regarding the hostile terms but it is also suspected that the move is an indication that the company is ready to launch its own stable coin. In a statement released today, the company said that the company cryptocurrency advertising policy would allow crypto adverts to be done without necessarily going through the pre-approval process, but the application process for placing crypto and blockchain related ads would still remain.

In hindsight, Facebook has tried a few times before to offer payment services through their platform but most of them failed to the point of oblivion. These were notably Facebook Credits that was launched in 2011 as a virtual currency, Facebook Gifts, which was launched subsequently in 2012. This one failed due to Facebook not being able to solve issues with distance and localization problems which means that it could not function on a global scale. In 2015 yet another attempt was made via Facebook Messenger Payments only in the US. No inclusion of worldwide users meant it was doomed to fail.

Some could say that this breeds room for skepticism on the hushed upcoming project. Facecoin will, according to an analysis set up in March 2019, the stable coin will be integrated with crypto exchanges, which are increasingly coming under the scrutiny of authorities pursuing regulation. Also since Facebook is reluctant to give concrete information as to how the crypto will work, many crypto enthusiasts are questioning the backing it will have. Also, if the company has reserves, who guarantees it? How will challenges such as withdrawal problems and compensation for wallet holders if the occasion should arise? It has been argued that the company will need to obtain a banking license and adhere to banking regulations and further, will have to be backed by the central bank which is not very keen to back private currencies.

One of the biggest challenges Facebook has faced so far is the issues it has had with infringing the privacy of their users and authenticity of data that they provide. Taking on a role of payment and money transfer facilitation may not exactly be very adaptable even to new users. Kindly note that this article is purely speculative as to the nature and or progress of the intended launch of the stable coin.

 

 

Leave a Comment

Latest Crypto News

Let’s Talk About LawCoin

ConsenSys Ventures had earlier on April 1st released a press release concerning several blockchain start-up projects they intended to back for the year 2019, through their accelerator program Tachyon; which was launched in Berlin at

The Cryptocurrency Wash Trading Problem

On the first of May, CoinMarketCap announced that all the exchanges that will not provide mandatory data by June 2019 will be promptly removed from their calculations. The cryptocurrency data provider stated that the reason

Winklevoss Brothers Settle Lawsuit with Charlie Shrem

Tyler and Cameron Winklevoss have reached a settlement against their fellow Bitcoin entrepreneur Charlie Shrem, where the court, having been informed of the settlement between the parties, under the direction of Judge Jed Rakoff, dismissed

IBM Launches Blockchain Based Payment Using Stellar

Last month, an IBM executive hinted at the company launching a cross border payment system in partnership with Stellar (XLM) coin. Jesse Lund, said that the program would allow payments from anywhere in the world,

Marc Faber Buys Bitcoin for the First Time

Thailand based Swiss Investor, Marc Faber bought his first Bitcoin after admitting that he was very wrong about cryptocurrencies and blockchain technology. His premier interest of investment is emerging and frontier markets. One of the

Sponsored: The Aerum ecosystem, a market-oriented hub

                  The Aerum ecosystem offers a decentralized hub The Aerum ecosystem is presented to the crypto sector with a platform for the disruption of the sector. In itself, it resembles the increasingly common Hubs. A

Thai Approves its First ICO Portal

Late last year, Rapee Sucharitakul, secretary general of Thailand’s Securities and Exchange Commission revealed in a statement to local press that plans were underway to launch one ICO portal by the end of November and

SEC Declares Ethereum Not a Security

The news that the US SEC deemed Ethereum not a security is not surprising at all. Some may ask why this is so despite the fact that Ethereum is the best performing cryptocurrency with a

Crypto Updates

Fidelity Digital Launches Digital Assets Trading Fidelity Investments has been making plans to roll out a crypto asset platform to include trading for the top cryptocurrencies. In October, the company had said that it would

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$4,031.33
-0.11%
2
Ethereum
Ethereum
$139.63
-0.69%
3
XRP
XRP
$0.3148
-1.02%
6
Bitcoin Cash
Bitcoin Cash
$161.00
2.12%
4
Litecoin
Litecoin
$60.358
-1.88%
11
Cardano
Cardano
$0.050421
0.05%
7
Stellar
Stellar
$0.1172
7.27%
17
NEO
NEO
$9.236
-0.87%
5
EOS
EOS
$3.748
-1.09%
14
IOTA
IOTA
$0.2956
-1.34%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK