Cryptocurrencies have been experiencing trouble lately. And from all indications, the trend still continues.
After Facebook and Google revealed plans to restrict the advertisement of cryptocurrencies on their platforms, Twitter finally joined the bandwagon.
According to Sky News, Twitter will be making similar moves to prohibit cyrptocurrency advertisement amid looming regulatory intervention in the sector.
The move, which will be implemented within the next two weeks, also affects ads for initial coin offerings (ICOs), token sales, and crytocurrency wallets globally.
The world over, authorities (especially those in the banking sector) are beginning to crackdown on cryptocurrency owing to associated problems which they say are now escalating.
In a memo to Sky News, Mark Carney, the Governor of the Bank of England stated that, “the time had come to regulate elements of the cryto-asset ecosystem to combat illicit activities.” adding that, “There are a number of problems with cryptocurrencies. They are small now but they are getting bigger.”
In light of this, one is tempted to ask if this is the beginning of the end for crytocurrency in general? If so, what becomes of those who had invested in the market?
Agreed, there are a lot of fluctuations in crytocurrency market and sometimes, traders lose their investment. But will these social media bans be the ultimate solution? Kindly share your thoughts in comment section.
Ifeanyi is a desk reporter-turned administrator. Outside of work, I love to read and travel.