Google has announced that it will no longer be releasing ads for Bitcoin and other cryptocurrencies from June.
He said, “In June 2018, Google will update the finance department’s policy to restrict advertising of contracts for difference, sliding forex, and financial spread betting.”
The decision to remove the crypto sphere from its AdWords will surely hurt businesses looking to promote their services.
This could cause Bitcoin values to plunge, underscoring the high volatility in the crypto space.
Google added that advertisements for “binary options and synonymous products” will not be allowed and that this also applies to “cryptocurrencies and related content (including, but not limited to, initial coin offerings of currency, cryptocurrency exchanges, cryptocurrency wallets and cryptocurrency trading tips) ”.
The tech giant added that “advertisers offering contracts for difference, spot currencies and financial spread betting will need to be certified by Google before they can advertise through AdWords.”
Google has said that its crackdown on cryptocurrency ads is part of its big plan to improve the overall internet experience for its users.
The hugely popular search engine continued, “Last year we removed 320,000 publishers from our ad network for violating our publisher policies and blacklisted nearly 90,000 websites and 700,000 mobile apps. “
Winklevoss: Bitcoin will one day be worth 40 times today’s price
This decision follows in the footsteps of Facebook, which has also banned advertisements for virtual currencies.
China has also severely regulated the advertisements of Bitcoin and its crypto brethren.
The Asian superstate does not allow online advertisements around cryptocurrencies.
Bitcoin is currently worth $ 8,207.03 at the time of writing, which marks a shocking 18.3% drop last week.
Bitcoin prices could fall further after announcement
Google said crackdown on ads will begin in June
The cryptocurrency reduced its selling price by $ 1,838.35.
The downward spiral of virtual currencies has also affected Bitcoin Cash, Ethereum and Litecoin which have all started to fall.
Bitcoin Cash is currently worth $ 947.59, which marks a drop of 14.09%.
Meanwhile, Ethereum and Litecoin are worth $ 614 and $ 160.91 and have reduced their value by $ 156.10 and $ 25.77 in the past seven days.