In a recently published article in Fox News, Google will allow adverts for cryptocurrency exchanges and digital wallets aimed at US customers on its platform beginning August 3. The internet behemoth said in August that it would revise its financial goods and services policy to "clarify the scope and standards to enable the marketing of bitcoin-related business and services."
A cryptocurrency wallet is an app that enables users to store and retrieve digital assets from cryptocurrency exchanges like Coinbase. A user's assets in the digital wallet may then be used to perform transactions.
According to a published report in Yahoo News, Coinbase just announced that beginning this week, select users will be able to use the Coinbase Card, a Visa debit card that gives up to 4 percent back in crypto rewards on daily transactions, with digital wallets Apple Pay and Google Pay.
Meanwhile, the widely-used Paypal, made the announcement last week that it was working on a withdrawal mechanism that would enable customers to transfer their bitcoins into digital wallets.
Read also: Cryptocurrency; The Famous Currency
How Advertisers Can Be Certified?
The company also went on to specifically describe how advertising may get accredited. To begin, they must be properly registered with the Financial Crimes Enforcement Network (FinCEN) as a "Money Services Business" and with at least one state as a money transmitter. Advertisers may also be "a federal or state-chartered financial institution," according to a published article in Bitcoin.
Meanwhile, Google confirmed that some advertisements are not permitted. Ads for initial coin offers [ICO], Defi trading systems, or otherwise advertising the acquisition, sale, or exchange of cryptocurrencies or associated items fall under this category. Furthermore, ad destinations that combine or compare issuers of cryptocurrencies or similar products are not permitted.
Some examples of prohibited advertisements include ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated Dapps, cryptocurrency trading signals, cryptocurrency investment advice, aggregators, or affiliate sites containing related content, or broker reviews.
Facebook and Twitter Reverses Its Ban on Cryptocurrency
In an effort to combat fraud, Google, Facebook, and Twitter all announced in March 2018 that they will prohibit or limit cryptocurrency-related marketing. This announcement came at a time when cryptocurrency was not yet widely recognized.
Later, Facebook said that it was lifting the ban, allowing adverts promoting cryptocurrencies and related content from pre-approved marketers. Google quickly followed suit, stating in October 2018 that licensed cryptocurrency exchanges will be allowed to advertise in the United States and Japan.
Google said in a statement that "As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products."
Cryptocurrencies soared on Wednesday, with Bitcoin selling over $37,000 per coin and competitors Ethereum and Dogecoin selling at $2,700 and 40 cents per coin, respectively, according to Coindesk pricing.