Google in its recent policy update as financial services-related ad policies, banned any kind of advertising of cryptocurrency-related content. The move follows a similar ban by its ad rival, Facebook earlier this year.
The California-based company's crackdown on cryptocurrency-related advertising will no longer allow ads about cryptocurrency-related content, initial coin offerings (ICOs), wallets, and trading advice across any of its ad platforms.
The statement released by the Google said, "Cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice), ads for these will no longer be allowed to serve."
The ban imposed by the social media giant Facebook and Google has hit Bitcoin hard. The ban is to put an end to the networks of scams, misleading advertising, and political propaganda. Cryptocurrencies are not necessarily scams, but according to several experts, there’s a high risk of fraud in the Bitcoin market.
Bitcoin took a nosedive to the lowest level post tech giant's ban. The market value dropped as much as 9.1 percent to USD 8000, its lowest price since February.
HDFC bans using of their cards to buy cryptocurrencies
Back home, the second largest private sector lender HDFC Bank has decided to block its card from purchasing or trading in cryptocurrencies.
"We have decided to not permit use of HDFC Bank credit, debit and prepaid cards towards purchase or trading of bitcoins, cryptocurrencies and virtual currencies, on merchants suspected to be dealing in crypto-currency or online foreign exchange trading or both," the bank stated in a mail sent to its customers.
The statement said, "You may be aware of the increasing global apprehensions regarding Bitcoins, Cryptocurrencies and virtual currencies. The Reserve Bank of India has also cautioned the public regarding the potential economic, operational, and legal and security-related risks associated in dealing with such currencies."