Twitter is all set to take some major steps. Just recently Twitter has decided to ban the cryptocurrency wallets, token sales and ICO’s. This policy will be applicable in few weeks time. Additionally, Twitter will impose a ban on some of the digital currency exchanges also.
Apparently, it seems that Twitter wants to follow the footsteps of Google and Facebook. Currently, Twitter has not revealed the reason why it intends to impose this ban. The good news is that this ban will be implemented but with a few exceptions. It cannot be ruled that the increasing regulatory pressure can be the reason behind Twitter’s move.
All this advertising ban activity started off when Facebook banned the crypto ads way back in January 2018. This happened because many users complained about spam and fraudulent ads related to digital currency. Facebook and Twitter are reputed digital currency platforms, and apparently, it seems that Facebook did not want to put its reputation on the line.
Even Google has followed in the footsteps of these social media platforms and also plans to impose a ban on crypto ads from June 2018. However, these bans have not been well-received by the digital currency community, and they are reacting to this change.
In fact, the first lawsuit against the ban has already been filed in the Moscow district. The major reason why all the significant social media platforms have imposed the ban is that they do not want the users to end up opting for financial products that are associated with fraudulent practices.
The users can suffer major financial losses in this situation. The basic objective of the ban is to condemn all the scammers who are into deceiving the crypto users. The only problem with this ban is that some of the genuine digital currency platforms may suffer also and they may be unable to promote their services because of this ban.
What platform like Twitter needs to do is that they have to look for a middle way out so that the genuine digital currency companies do not suffer. Perhaps, the middle way may calm the negative sentiments of the digital currency community.
Platforms like Twitter need to come up with a strict regulation policy for ads that are showcased on their sites. Only platforms that stick to the policy should be allowed to showcase their ads on the sites of these social media platforms. Hopefully, the major social media platforms will think along these lines.