Facebook in its quest to launch its own Digital Token, announced that it has relaxed its promotional advertising ban on companies promoting services related to crypto and blockchain. This news came soon after the California based Networking Company said, It was scaling up its own efforts to build a secure coin/token that could be used within some of its applications itself. Experts around the world believe that if Facebook launced its own digital asset – it could directly be a competitor of the US dollar and other fiat currencies itself.
But on the bright side this move, to create its own digital currency could encourage and propel loads of new users to enter the crypto market. According to a blog post by Facebook today, the social media giant will be further loosening its previous ban on advertising relating to both crypto and blockchain tech. The post reads:
We’ve listened to feedback and assessed the policy’s effectiveness. While we will still require people to apply to run ads promoting cryptocurrency, starting today, we will narrow this policy to no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.
The recent relaxation of the ban comes in light of the company exploring means to launch its own digital asset – a stablecoin pegged to the US dollar itself. Since it appears to lack the properties that make Bitcoin a good potential store of value, many analysts have argued that the Facebook not-so-crypto asset will represent competition for the dollar, rather than Bitcoin.In fact, some crypto industry analysts believe that the launch of a currency by the social network will ultimately be a boon for Bitcoin and other digital assets.