Meta, Facebook’s parent company, has finally withdrawn the ban on cryptocurrency advertisements that it had placed before in order to reduce the spread of incorrect information among individuals.
While most crypto fans applauded the announcement, it hasn’t prevented many from guessing about the reasons behind the change. According to others, this was a desperate attempt by Facebook to boost its diminishing ad income, and with crypto firms presently drawing a lot of investors and institutional money, the harvest is sure to be ample for Facebook. Following the recent data breach on the network, people’s trust in the site has dwindled, which is exacerbated by the younger generation’s progressive movement to alternative social media sites such as Snapchat.
Meta has finally lifted its prohibition on cryptocurrency advertisements, and the firm has issued a statement stating that it will now accept 27 regulatory licences. With this news, Meta reverses its earlier policy, which prevented corporations from placing cryptocurrency advertisements on the social networking platform Facebook.
It was subsequently discovered that the prohibition on running cryptocurrency advertisements on Facebook was established in order to prevent the spread of incorrect information among its users.
Facebook will run cryptocurrency advertisements –
The group noted how the bitcoin ecosystem has evolved and stabilised over the years in a note titled “Expanding Eligibility to Run Ads About Cryptocurrency.”
“We’re doing this because the cryptocurrency ecosystem has continued to grow and stabilise in recent years, with more government laws establishing clearer business principles.,” the message stated.
“These changes will help to make our policies in this arena more egalitarian and transparent, as well as assist more advertisers, especially small companies, in growing their audiences and reaching more prospective consumers,” the message continued.
Meta has modified its attitude on cryptocurrency adverts and is ready to accept 27 regulatory permits in order to expand its network. Advertisers will still be required to submit formal applications seeking approval to broadcast advertisements on cryptocurrencies.
The crypto community has already reacted positively to the current move.
Meanwhile, others speculate that the new regulation change would pique the attention of ordinary investors in Meta, allowing the company to achieve more steady income and profitability.
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