Twitter to ban cryptocurrency ads

Senate committee invites Facebook CEO Mark Zuckerberg to testify

The prohibition will cover advertising of initial coin offerings (ICOs) - crowdfunding used to raise cash by creating new coins - as well as token sales, the San Francisco-based firm told Reuters on Monday.

The new Twitter policy will come into effect as of March 27th, 2018 and will see cryptocurrency related ads included on Twitter's list of restricted financial services. The Twitter decision to ban crypto ads comes after Facebook Inc. placed a ban on crypto ads in January and Google stated it is planning to start banning crypto ads in June.

Curiously, that would bar firms such as the largest US -based exchange Coinbase from advertising on the platform, while presumably still allowing Twitter's sister company, Square, to advertise its young Bitcoin buying and selling function on its Cash app.

Bitcoin observed to fall below $8,000 after the Twitter ban on cryptocurrency.

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Whats your views on the Ads ban on Cryptocurrency?

Though Facebook banned ads for cryptocurrency "financial products and services" and ICOs, it still allows ads related to the industry, like the one below for an equity offering in Bitzumi, a cryptocurrency marketing platform. If you're a regular Twitter user, you've likely encountered them before: accounts that exist for no other reason than to part gullible people from their cryptocurrency.

ICO promoters and the various communities will be badly affected by this move as twitter is a key means of promotion for many of these coins. CEO Jack Dorsey is a personal investor in bitcoin and a major backer in Lightning Labs, a start-up that is developing technology to make bitcoin cheaper and faster.

Bitcoin (BTC) was down around 8% following the news, according to Coincompare, dipping back below the $8,000 dollar mark after a brief spike overnight (UK) had sent it up over the $8,100 mark. In an interview with The Times, Dorsey confidently exclaimed that within 10 years, bitcoin would likely stand as the world's "single" currency, and that fiat or other forms of virtual money would become obsolete or nonexistent.

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