In a move that is being seen by many as ‘convenient’ by Facebook, just ahead of their own preparations to launch their own cryptocurrency, the Social Media giant has relaxed its crypto ads policy.
In June 2019, Facebook started requiring prior approval for what it termed ‘restricted products’ such as a cryptocurrency exchange. Further than that, if the ad was for an ICO (Initial Coin Offering), then they’d reject it outright. It seems that this part of the restriction will still be live, as ICO ads will continue to be banned.
Facebook is scouting around for $1 billion to fund its own stablecoin project, called Project Libra. There’s rumours that they’re in talks with Mastercard and Visa to source those funds.
Project Libra started early in 2018 asa simple way to transfer money between WhatsApp users.
2018: Facebook bans crypto ad's
2019: Facebook accepts crypto ads pic.twitter.com/A2KPoep8Lf
— Tạp Chí Bitcoin (@tapchibitcoin) May 9, 2019
As expected, the crypto twitter community is rejoicing/condemning the move in equal measures.
— CoinSpice (@CoinSpice) May 8, 2019
— ??BITCOINator?? (@Bitcoin_ator) May 9, 2019