Social media giant Facebook on Tuesday announced that it will ban all advertisements related to Cryptocurrencies and initial coin offerings. With this ban, Facebook has joined the global crusade to rein on the cryptocurrency trading. The announcement was made by Rob Leathern, product management director at Facebook, on social networking site’s official blog post. In his post, Leathern described initial coin offerings and cryptocurrency to be misleading & deceptive promotional practices.
Facebook’s backlash comes at a time when prices of Bitcoin, the most popular cryptocurrency, have gone down below $10,000 mark. The spiraling downslide in the prices of most cryptocurrencies marks a massive correction that most analysts have been predicting for a pretty long time. Prices of Bitcoin, Ethereum and Litecoin were breaking all the possible records for most part of the last year. The skyrocketing prices had literally sent panic and caution across most government agencies across the world.
Understandably, the one decisive factor that goes against cryptocurrencies is the lack of legal regulation, invariably making them prone to financial scams and illegal betting. Some experts have even expressed fear that money used in Bitcoin trading can be diverted for terrorist funding. However, Cryptocurrency supporters find these fear completely misplaced & unjustified, arguing that proper regulation and supervision will offer cryptocurrencies sense of acceptance across the world.
Irrespective of whether cryptocurrencies will find any legal footing in the future, the recent downslide in their fortunes surely suggests that the party has come to an end. However, some financial experts claim that the party may have come to halt, but people will continue to trade in cryptocurrencies in the future. They assert that even in long run it is almost impossible to overlook cryptocurrencies.