The managing director of cryptocurrency Ripple has spoken out on Google's recent decision to ban all cryptocurrency advertising on its platform. Danny Aranda told reporters he welcomes the decision by Google, as stricter regulations will improve clarity for investors and will increase confidence in cryptocurrencies, as well as opening the door for fairer competition between crypto rivals.
Google bans crypto ads
Two days ago, Google announced that it will suspend all advertising relating to cryptocurrencies. This includes the digital currencies themselves, along with associated products like exchange platforms, coin wallets and even trading advice. Google follows the lead of social media giant Facebook, which took a similar approach earlier in 2018.
The changes won't take effect until June 2018, giving existing campaigns a chance to run out before they are blocked. A Google spokesperson said the decision was made to protect consumers against a potentially harmful area of business, though he conceded that nobody knows what the future holds for cryptocurrencies.
Ripple CEO positive about changes
Not all crypto bosses see the advertising ban as a bad thing. By throwing a spotlight on cryptocurrencies and improving regulation of the industry's practices, customer confidence could be raised and more investment could be encouraged. "Having regulatory clarity for entrepreneurs is a very, very good thing. It gives you a clear state of play, let’s you know what the rules are," Ripple's managing director Danny Aranda told Cheddar recently.
"Over the long term, what you’ll see is greater regulatory clarity in the space," he added. "The markets will become more educated about what are good projects, and that would make everyone more comfortable in the underlying value of these things." Ripple is committed to openness and transparency on its blockchain platform, characteristics which are helping it soar even as its rivals are experiencing major price dips.