The stock of Alphabet Inc (NASDAQ:GOOGL) closed at $1148.89 gaining 0.79% in yesterday’s trading session. Google has made its latest statement outlining that it will in June move ahead to place its ban on the wide range of online advertisements that will be promoting initial coin offerings and cryptocurrencies.
The move is in line with its great commitment to crack down on the new breed of high-risk financial products and people from around the globe are closely watching to see what it achieves in the long run.
It was on Wednesday that Google moved ahead to make the announcement and of course that was part and parcel of its move to update its policy. It is a policy that clearly outlines the company’s determination in terms of beginning its campaigns of blocking ads for cryptocurrencies and related content.
It was way back in January that Facebook, Inc (NASDAQ:FB) proceeded to make an almost similar move and that left two of the biggest web-ad sellers out of reach of the nascent digital-currency sector.
It goes without saying that currently Bitcoin happens to be the largest cryptocurrency globally and that is going by its market value. The internet-search giant has also moved ahead to make it official that it is at the moment restricting ads for financial products.
At this point in time, queries for words such as “buy bitcoin” and “binary options” happen to be unleashing four ads at the top of the results. Facebook is determined now more than ever to eliminate all the ads for cryptocurrencies and hopes to accomplish its mission sooner than is being expected by most of the people following on the company news.
The decision by Google to place a ban on the crypto-currency related advertisements is causing quite much speculation around the world.
The head of APAC business development at cryptocurrency exchange Gatecoin Thomas Glucksmann opined, “The sell-off was triggered by a number of factors, notably, weariness over increased regulatory scrutiny of ICOs, the Mt.Gox bitcoin dump and what seems to be some heavily liquid traders pushing for future buy-back opportunities.”