It was just reported from Hong Kong that all the major social media networks and search engines in the country have stopped running advertisements from companies and products that have connections with bitcoin and other cryptocurrencies. The sudden disappearance of these ads is being traced back to September 2017. It was at this time that The People’s Bank of China stated that it would ban initial coin offerings.
News of the sudden ban came from South China Morning Post, a popular Hong Kong media outlet. According to the paper, ‘bitcoin’, ‘cryptocurrency’, ‘ICO’ and any other keywords connected to virtual currencies will only link a user to material with a journalistic standpoint when typed into a search engine. One cannot find any sponsored content when searching for it. Weibo, one of China’s biggest search engines has reported that it will no longer advertise cryptocurrencies or anything related.
Facebook made a likewise move this past week when they banned all ads that promote initial coin offerings, cryptocurrency, and binary options. Facebook has pointed a finger at these ads by stating that they are, “promoting financial products and services that are frequently associated with misleading or deceptive promotional practices,” Furthermore it said, “there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith.”
Despite what most would expect, the virtual currency community has actually praised Facebook’s move. They see social media advertisements as little more than Ponzi schemes and ways for opportunist with bad intentions to take advantage of the growing curiosity amongst the masses.
China has been one of the first countries to aggressively reject cryptocurrencies. Governments from around the world have been on edge since cryptocurrency has hit the mainstream. We wouldn’t be shocked at all if more countries started placing bans in the future.