Facebook’s relationship with blockchain and cryptocurrency has been murky at best. While the social media giant has expressed interest in blockchain technology many times, even going as far as to tease the idea of creating its own cryptocurrency, the company is ultimately known for its heavy-handed stance against promoting cryptocurrency on its platform.
To provide some context, it was 2018 and the market was already beginning its year-long decline. After months of worldwide hype, investors, day traders, and casual enthusiasts started losing money in the crypto markets—and they were losing big. On top of that, the blockchain industry was also battling with scammers promoting fake ICOs, only to run away with their investors’ money.
As a result of these events, Facebook shifted its stance on blockchain by banning all crypto advertisements on the platform. While this was a drastic approach, it was more than likely done as a means to protect its users—many of whom aren’t well versed in blockchain and cryptocurrency, making them easier targets to scam.
Of course, a lot has changed since then. Thanks to a healthy market and a greater demand for blockchain technology to be used to solve practical, real-world problems, there’s a resurgence of faith in blockchain projects and crypto. Even Facebook is revaluating its anti-crypto stance by rolling back some of the advertising restrictions they implemented more than a year ago. But that doesn’t mean anything goes. They’re still restricting advertisements related to token sales and ICO, but this move does give blockchain startups a platform to generate awareness around their projects.
What Does This Mean for the Industry?
Facebook’s new blockchain policy is a step in the right direction. It helps to legitimize cryptocurrency and blockchain technology. While its policy won’t transform the industry overnight, it will help bridge the gap between blockchain and contemporary society. If blockchain and cryptocurrency gain mainstream support, we can expect to see more blockchain applications being integrated into various industries within the public and private sectors. And that’s something that we all can benefit from.
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