Facebook to ban advertisements related to Bitcoin, other cryptocurrency: Here's why

Mark Zukerberg's Facebook has decided to ban advertisements related to the initial coin offerings and cryptocurrencies including Bitcoin. 

The social media platform has decided to do so to stop people from using its platform from doing misleading practices. 

“We’ve created a new policy that prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency,” Rob Leathern, product management director at Facebook, wrote in a blog post.

“Two of our core advertising principles outline our belief that ads should be safe, and that we build for people first. Misleading or deceptive ads have no place on Facebook,” he added.

Lately, Cryptocurrencies like Bitcoin, Ethereum and Litecoin, have become very popular with a lot of people earning millions by investing in them. However, experts have cautioned them that this isjust a bubble that woul dburst soon. 

But taking advantages of the mania related to the digital currency, spam app developers and malicious marketers have started misleading people. 

At home, media reports suggesting that Mukesh Ambani led Reliance Jio Infocomm will soon launch its own cryptocurrency, Jiocoin, has also invited a flood of fake news alerts over the Facebook. 

Leatherman said the policy will also be enforced gradually on other Facebook-owned platforms such as Instagram and Audience Network.

“We will revisit this policy and how we enforce it as our signals improve,” he said. “We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.”

Meanwhile, Nikhil Chandhok, Indian-origin director of Product for Augmented Reality (AR) at Google, has quit and joined to lead product management of a team working on augmented reality at social media giant Facebook.

In a Facebook post today, Chandhok said he is looking forward to build upon a platform that allows for the creation and discovery of global AR experiences everywhere.

"Now, as I join the Camera/AR team at Facebook, I'm especially interested in building more conversation and momentum in cross-platform camera services," Chandhok posted.

"...As I join the Camera/AR team at Facebook, I'm looking forward to building upon a platform that allows for the creation and discovery of global AR experiences everywhere.