The ban on cryptocurrency and initial coin offering (ICO) advertisement imposed by social media giants Facebook (NASDAQ:FB), Google (NASDAQ:GOOGL), and Twitter is actually embraced by some members of the digital currency community as they believe the move would bring positive developments.
In an exclusive interview with Cryptovest, former hedge fund manager-turned-cryptocurrency developer Garen Ovsepyan said he considered the bans a positive thing. Ovsepyan is nearing the completion of his cryptocurrency Thalr, which he expects to launch this year.
He told Cryptovest:
“The Wild Wild West era of the crypto/ICO community is starting to fade away and that’s for the better of the blockchain community in general, at least for those that are involved in legitimate and truly useful projects.”
On Tuesday, microblogging platform Twitter formally joinedFacebook and Google in banning ads related to ICOs, digital currency exchanges, token sales, and wallet services.
A Twitter spokesperson was quoted as saying:
“We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
But Ovsepyan said that such a move is important for the advancement of digital currencies.
He added:
“We are seeing the space move toward a more structured and efficient way of raising capital, and hopefully the participants who choose to invest into ICO's and crypto, in general, are taking the time to educate themselves with the project(s) they are looking to invest in to. In essence, the crypto community will go back to its roots, where building a community becomes the foremost important factor in any crypto project.”
Crypto community welcomes the ban
Not surprisingly, the crypto community had mixed reactions to the internet giants' common stand on virtual currency. Some welcomed it, while others dismissed it as a mere distraction.
Tatiana Moroz,the founder of Crypto Media Hub, said the void left by advertising prohibition on social media and search engine platforms would eventually lead to better interactions and encourage wider community development.
She said:
“I think it is going to become even more focused on relationships and finding trusted partners who can help them navigate the space.”
Todd Kandariz of StepWyze believes that the impact of the cryptocurrency-related ad ban will diminish over time. He described the move by Google as a wasted attempt “to stem the tide of the eventual replacement of the old centralized economy with the newly decentralized crypto-economy.”
Kevin Lew, a Singapore-based marketing manager at CryptoProfile, said Google’s decision would not have a far-reaching effect.
This article appeared first on Cryptovest
