Facebook seems to occupy more and more space these days into the media especially after anonymous sources revealed Facebook’s strong drive into creating its own blockchain-based payment system and stablecoin that will bring digital currencies into public’s mainstream attention.
Leaving aside rumors and suppositions, Facebook announced they just lifted restrictions on cryptocurrency and blockchain related ads that the social media network imposed some months ago. From now on, blockchain projects won’t require anymore approval before going live on the Facebook platform, though restrictions continue to remain imposed on Initial Coin Offerings and ads promoting various digital currencies.
Facebook announced that though it is important to protect its customers from scams and dubious crypto projects, it is nevertheless valuable to bring more education and information to world-wide users so they could understand the blockchain technology.
What made Facebook change its ads policy? What could influence Mark Zuckerberg lower the barrier for crypto-related ads?
We are obviously ironic as the entire industry is well-aware that Facebook’s “Libra Project” is in advanced stages of development and the company’s two billion customers will soon become accustomed to Facebook’s stablecoin that should bring cryptocurrencies to the masses.
So, if in 2018 we had a Facebook team dedicated to protecting users from the dangers of cryptocurrencies brought about by misleading ads, such as Initial Coin Offerings, shady exchanges and malicious mining software, we now have to meet a different Facebook company that proved to the industry they are not total strangers to breaching users’ privacy and sending confidential information to 3rd party entities for commercial and even political purposes.
One year later, Facebook is not only building its own payment ecosystem and digital coin, but they are coming back to blockchain technology in an attempt to rebuild their affected image after several scandals where the company clearly broke customers’ trust by using their private data for financial gains.
Love it or hate it, Facebook is here to stay for the foreseeable future and its entrance into crypto will increase cryptocurrencies’ exposure to the general public.