FinancialCentre Reports – Google Well On Its Way To Help The World Regulate Crypto

London, UK, 7th August 2021, ZEXPRWIRE – 

The Internet Giant

Google, the American based company,  which was established in 1998  by Stanford University students Larry Page and Sergey Brin, has acquired the identity of a synonym for the “worldwide web.” Today approximately 75% of all internet searches are done through Google. This makes it difficult to imagine our routines without this service that saves us from wasting hours scrolling through pages or searching in books, videos, and other places manually.  Statistics say that currently, we have 4.39 billion internet users and out of this 4 billion people rely on google for performing different tasks. FinancialCentre Broker Michael Weber says that this shows how much the entire internet is relying on Google and it seems like the company is aware that massive success brings a huge responsibility and this can be seen from the policies. 

Although commonly known for the search engine, the firm has a lot more on its profile.  It owns the most popular email service in the world, Gmail. It is also successful in developing Android OS for mobile phones and tablets and houses the most popular video streaming website named YouTube.  Several other projects such as Google Drive, Google Chrome, and others are also included. 

Google Ads

Google Ads is an advertising platform that runs online. It lets the advertisers advertise their additional services and products that become available to the customers when they search through Google. It is an extremely beneficial platform for advertisers as it offers them extensive choices of design, size and locations on its partner websites. As a result of this freedom offered to the advertisers, google gets paid with a certain percentage from advertises’ profits as commission fees.

Google and Crypto

This year, in the month of March, Google announced that the platform will not be available for firms that are a part of the crypto industry.  This ban was a hindrance to the growth of all the crypto products such as wallets, exchanges, etc. This announcement was made through a blog post and led to a drop in crypto markets by almost 7 % which was a huge setback back then for the entire industry. While briefing about the plan, the officials shared that the company has decided to place a ban only because crypto is not as simple as it seems. In order to step into the crypto world, one has to remain very cautious and all the steps should be well thought and researched beforehand. Alphabet, Google’s parent company, gets more than 80% of its revenue from ads and this is why they need to ensure that no compromises are made on the safety of the ecosystem. In an attempt to ensure that the users get the best services, the company took down more than 3 billion ads in 2017 because these failed to meet the conditions laid out in the policy.

However, things have taken a turn now. After years of ban, the company has decided to ease the restrictions. Google will be providing a platform to the crypto companies but only crypto exchanges can benefit from the new policy. Circumstances have not become any better when it comes to wallets, Initial Coin Offerings (ICOs) and trading advice. 

It should be kept in mind that it is not only Google that is on its way to help authorities regulate crypto, in fact, other social and digital forums like Twitter, Facebook and Snap have also restricted/banned crypto advertisements previously. The revised policy presented by the company might seem like a complete U-turn initially but in reality, Google will not let ICOs and DeFi trading protocols make use of its forum. It has also been clarified that all products which promote the sale and purchase of Cryptos and related products are still banned until any next rules and regulations are devised.

Mr Weber is right to say that one cannot ignore the associated risks when it comes to unregulated crypto trading. All these years, we have seen a sharp increase in illegal activities such as money laundering because the matchless anonymity offered here provides an open playing ground. Had it not been for these extreme measures, the crime rate would have been soaring high and it would have been very hard for regulatory authorities to take immediate actions.

Mr Weber said that we cannot forget how this ban comes at the cost of losing profits worth billions of dollars for the company itself but despite this the company is not ready to give up on its responsibility to continue providing the users with a safe working space.

He also said that this increasing regulation might seem like a “crackdown” but in reality, all these measures are being brought out for our good just to make sure that the ecosystem remains clean. Giants like Google need to make sure as they work towards an era of crypto regulation that the other firms which aren’t a part of the dirty game remain unharmed and continue thriving. 

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