Bitcoin has been facing the flack for quite sometime now. The source for easy money for a lot of investors has now been brought under scanner.
Earlier reports had come in stating that SBI Bank issued a warning against using SBI credit cards for trading cryptocurrencies. Following suite, one of the leading private banks of India, HDFC Bank has stated that its credit, debit and prepaid cards will not be permitted for the purchase/trade of Bitcoins, cryptocurrencies, and virtual currencies. Worldwide, a number of banks including Lloyds, Capital One, Bank Of America, Citibank and JP Morgan have already barred their customers from purchasing Bitcoin and other cryptocurrencies with their cards.
Well after the banks, World’s largest search engine, Google has clarified its intention to put a ban on bitcoin. After Facebook announced to ban cryptocurrency related ads earlier this year, it’s the search engine giant Google, which is set to ban all cryptocurrency-related ads including ICOs.
Google’s parent company Alphabet has brought a new restricted financial products policy that will go into effect from June 2018 onwards. While Google’s last Financial Services Policy had nowhere mentioned Bitcoin, cryptocurrency or any other related topics; however, the newly released restricted financial products policy restricts the advertisement of Contracts for Difference, rolling spot forex and financial spread betting and cryptocurrency-related product ads.
Google’s Director of Sustainable Ads, Scott Spencer, while talking about this development mentioned,
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The future of Bitcoin remains uncertain amidst all these updates.