Facebook is loosening its ban on ads related to blockchain and cryptocurrency as it reportedly ramps up its own efforts with those technologies.
Facebook on Wednesday said it is loosening its ban on ads related to blockchain and cryptocurrency, allowing more businesses working on those technologies to promote their efforts on the social network.
div > div.group > p:first-child"> Facebook first started blocking ads promoting cryptocurrencies and initial coin offerings in January 2018 over concerns that users might be scammed by initial coin offerings offered by some crypto start-ups. The company loosened its ban in June to allow ads from advertisers who received prior written approval. Now, it is further rolling back the policy so that many types of ads will no longer require approval.
"We've listened to feedback and assessed the policy's effectiveness," Facebook said Wednesday in a blog post."While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
Facebook's rollback of this ban comes amid reports that the company is working on its own blockchain project. In December, Bloomberg reported that the company is building a so-called stablecoin that will allow WhatsApp users to send cryptocurrency payments to one another. Facebook has been in talks with dozens of financial firms and e-commerce companies to support the initiative, the Wall Street Journal reported last week.
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