After Google and Facebook, Twitter announced that it is also proceeding with the banning of advertising cryptocurrencies such as Bitcoin, believing that they can promote the deception of users.
Twitter has announced that as of Tuesday it is putting a "brake" on ads related to either the initial offers of new cryptocurrencies (ICOs) or the sales of existing virtual currencies.
The announcement resulted in the price of Bitcoin falling about 8% below $ 8.000, as well as the second and third most widely used cryptocurrencies, Ethereum and Ripple, according to Reuters and French.
"We are committed to ensuring the security of the Twitter community. That is why we have added a new policy regarding cryptocurrency-related advertising, "he said on Twitter.
However, the ban leaves a "window" for the continuation of advertisements that have to do with cryptocurrency exchanges or secure electronic "wallet" cryptocurrency services, but only if they are companies listed on well-known stock exchanges.
Cryptocurrencies (so called because they use powerful encryption) are computer generated and use blockchain technology to remain independent of government and central bank supervision. But this is also their "Achilles heel", as the user community itself and not a third party takes on the supervisory and regulatory role.
As the value of cryptocurrencies fluctuates sharply, as in the case of Bitcoin, which has lost more than half its value at the peak of about $ 20.000 it reached at some point, concerns have grown that many investors may fall. victim of speculation. On the other hand, the lack of a central supervisory framework makes cryptocurrencies a tempting tool for money laundering and other criminal activities.
Facebook has already limited its cryptocurrency ads, with Google announcing it will do so from June. But beyond online advertising, cryptocurrency campaigns are now appearing everywhere, from London's public transport to Japanese television.
The G20 summit last week discussed the issue, but failed to reach a common position on how cryptocurrencies should be monitored. A big difficulty is how to distinguish which virtual currencies are fraudulent and which are not.
In addition, there are very few supporters of blockchain technology that supports these currencies and which can be used by the banks themselves, but also for other applications in the economy, health, education, etc.