The company has not officially announced the ban, but a person familiar with Twitter plans said it is working on the implementation that could be activated in two weeks. Sky News previously reported the decision, without revealing the source of its information.
With the measure, Twitter would become the latest technology company to ban such ads on its site. In January, Facebook said it would not allow cryptographic ads on its social network, and Google followed the course last week.
The decision of the technological giants is a blow to the incipient digital currency market, but it is considered a way to protect consumers. Bitcoin and other cryptocurrencies fight against fraudulent activity and illegal transactions. Because the exchanges of digital currencies are not yet regulated and transactions are difficult to reverse, they have become the target of scams and pirates.
Possible origin of the prohibitions
According to the website Sky News, Facebook and Google have banned the announcement after a British study that identified an increase of 400,000 percent of victims deceived in Britain in the last six years through fraudulent advertising on social networks .
Earlier this month, Mark Carney, Bank of England, warned the same site that cryptocurrencies faced regulatory measures. He said that the time has come to “regulate elements of the cryptographic ecosystem to combat illicit activities.”
According to Russian media reports, the first lawsuit against the ban has been filed in a district court in Moscow. Other reports suggest that the largest Russian search engine, Yandex, has also decided to stop publishing advertising material related to cryptocurrencies, mining projects and ICO. Later, Yandex’s press office denied these rumors and said that NOT changes had been made to the company’s advertising policy.