Finance Industry Labels Google’s Crypto Ad Ban ‘Unfair’

Jordana Sacks
  • Businesses and investors alike made their opinions known after Google took the drastic step of banning cryptocurrency advertising from its platform.
  • However, the controversial policy failed to impact either bitcoin or altcoin markets, despite fears to the contrary.

Businesses and investors alike have gone on record to critique Google’s decision to ban cryptocurrency advertising on its platform. The policy, which was implemented on June 1st, has been panned as both unnecessary and unfair by numerous commentators.

However, despite fears to the contrary, Google’s controversial decision failed to make itself felt in either the bitcoin or altcoin markets, with BTC/USD sustaining new support and maintaining a level of around $7,500. The pair was trading at the time of writing at $7,453 according to CryptoCompare.

Prices were seen to increase markedly over Saturday and Sunday, at one point jumping almost $400 to highs of $7,750.

The internet leviathan has come under fire from all sides for its choice to ban cryptocurrency ad content while it continues to pursue blockchain technology itself.

As Blackmore Group’s Phillip Nunn points out:

“I understand that Facebook and Google are under a lot of pressure to regulate what their users are reading, but they are still advertising gambling websites and other unethical practices.”

Phillip Nunn

Facebook and Twitter have both adopted similar stances to Google of late, irrespective of Twitter’s own CEO recently forecasting that bitcoin would take its place as a “single world currency” by 2028.

With Google’s stance on blockchain similarly conflicted, Nunn and many others suspect a targeted move akin to that of Facebook – one intended to clear the way for its own centralised virtual asset.

The CEO explains:

“I suspect the ban has been implemented to fit in with potential plans to introduce their own cryptocurrency to the market in the near future. Removing other crypto adverts allows them to do it on their own terms.”

Phillip Nunn

UK disruptor bank Revolut also added its voice to the ban’s detractors, with its head of mobile Ed Cooper pointing out that the policy fails to distinguish between legitimate companies and proverbial bad apples:

“Unfortunately, the fact that this ban is a blanket ban will mean that legitimate cryptocurrency businesses which provide valuable services to users will be unfairly caught in the crossfire.”

Ed Cooper

Featured image from Max Pixel

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Chinese Court Rules Bitcoin Is Legally Protected Virtual Property

The Hangzhou Internet Court, in China, has recently ruled bitcoin is seen as virtual property in the country, and as such is legally protected.

The ruling came in a case in which the plaintiff, Mr. Wu, sued the Shanghai Technology Company, which allegedly operated the FXBTC cryptocurrency exchange on Taobao, a leading Chinese online marketplace, and sold bitcoin back in 2013.

Wu reportedly bought 2.675 BTC for 20,000 yuan, about $2,900, back in 2013 from the exchange. In 2017, during the cryptocurrency market’s bull run that saw bitcoin hit a near $20,000 all-time high, the buyer wanted to access the funds, but found out FXBTC closed and could no longer get to the BTC.

According to Beijing News, the plaintiff claims the Shanghai Technology Company didn’t warn it was closing the platform nor gave him a chance to access the funds afterwards. The store likely shut down as between 2013 and 2017, the Chinese government made it illegal to trade cryptocurrencies, which in turn forced Taobao to stop vendors from selling cryptos on its platform.

While the plaintiff failed to prove Shanghai Tech was the vendor that sold him the bitcoin and lost the case, the court did determine bitcoin is legally protected virtual property.

According to Dovey Wan, this was seen as a bullish signal in China and chatter on Weibo, a Chinese microblogging platform similar to Twitter, seemed to point to this as the reason behind bitcoin’s recent price surge.

According to CryptoCompare data, BTC rose 4.8% in the last 24-hour period, and is currently trading at $10,300. Earlier today, bitcoin jumped from a $9,400 low to as much as $10,500 before facing a small correction.

Notably, this isn’t the first time a Chinese court defends bitcoin. As CryptoGlobe covered late last year, an arbitration court ruled bitcoin should be protected as property by law, and clarified at the time Chinese law doesn’t forbid owning or transferring bitcoin. Earlier this year, a prominent Chinese lawyer argued owning and occasionally trading bitcoin is legal in the country.

On Twitter, Wan clarified that while holding bitcoin as private property is legal, trading the cryptocurrency “in a systematic way” isn’t.