Meta removes Facebook’s ban on cryptocurrencies and publishes a new policy that affects advertising on the platform.
Meta (formerly Facebook) has apparently also realized that the Metaverse without cryptocurrencies in the truest sense of the word only brings in half the rent. While the old Facebook group has banned advertising for crypto from its pages, the new company Meta is taking a U-turn.
In one post named “Expanding Eligibility to Run Ads About Cryptocurrency”Talks Meta about how the rethink came about. It is said that “the increasing market maturity and regulatory measures” have convinced them to turn around. We remember: Before the new directive, it was mandatory for advertising companies to submit an application with information about the licenses and public information received.
One can, however, be divided about the lifting of this ban. On the one hand, it is guaranteed to increase public awareness of the crypto market. However, some also fear that Facebook or Meta could use their market power to unduly favor some providers. In view of the fact that the company is not always transparent when it comes to data protection, there are also other questions.
For example, even dubious providers can exploit the ignorance of many users of the social media platform for fraudulent activities. What this protection against misleading advertisements should look like is still unclear at the moment. Or does Meta even want to distract attention from the fact that the development of its own stablecoin Diem has stalled?
Recently there has been rather bad news such as that Meta’s head of the cryptocurrency project David Marcus is leaving the company at the end of the year. In addition, the Democratic senators in the US have asked Meta to abandon the pilot project for the Novi wallet. Instead of Diem, Meta is currently more focused on conquering the Metaverse.