It is no longer news that Google, just like Facebook and Twitter, will be placing a ban on any form of advertisement that is related to cryptocurrency. Although the ban on all cryptocurrency related activities on Google was brought to public notice in March, it will reportedly take effect from June. Google has given some reasons for this ban, and popular among them is the frequency of fraudulent activities that the world of cryptocurrencies is characterized with. In addition to the frequency of fraudulent activities that have plagued the cryptocurrency sector, it is also believed that the negative press that is associated with cryptocurrency is also responsible for the Google ban. Although the Google cryptocurrency ban might have some genuine reasons behind it, some experts are of the opinion that the Google cryptocurrency ban is unethical. Let’s find out some of the reasons for this.
Possible Reasons for this Ban
Over the years, cryptocurrencies have gained prominence both among individuals as well as institutions. As a result of its ever-widening prominence, it has become a haven for a lot of scammers. Lots of scammers have taken advantage of the popularity of cryptocurrencies and have sponsored suspicious cryptocurrencies just for the sole aim of defrauding customers. As a matter of fact, according to a recent research, up to 80% of ICOs were fraudulent-check.
Now, putting an end to these fraudulent adverts might be a move in the right direction because they bring harm to the cryptocurrency sector. What, however, a lot of experts do not agree with is the sort of this ban. With the nature of this ban, both legal, as well as fraudulent cryptocurrency enterprises will be affected.
Google cryptocurrency ban is Unethical
There have been lots of questions about what the possible results of this ban will most likely be. However, beyond the outcome of this ban, it is believed that this ban has been put in place because of Google’s interest in having its own Blockchain as well as cryptocurrency. According to the CEO of Blackmore Group, Phillip Nunn,
“the Google cryptocurrency ban is to eliminate all cryptocurrency competition as Google plans to release its own cryptocurrency.”
Although speculations that Google is looking to set up its own cryptocurrency is unconfirmed, it is fanned by reports of Google having talks with the initiator of Ethereum and seeking his services for some projects. Although that it might appear that Google is protecting its customers, however, in the actual sense, it is being heavy handed with the ban on cryptocurrency.