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Facebook bans bitcoin ads. Experts say they understand

Anupama Ramakrishnan, Feb 1 2018, 0:42 IST
Bitcoin

Bitcoin

As shivers grip the market, investors worry about the implications of the social media restriction

A Bengaluru restaurant recently began accepting bitcoins, signalling growing acceptance of the cryptocurrency. but with Facebook banning ads for cryptocurrencies on January 30, fears have resurfaced in a big way.

Among investors, the buzzword is cryptocurrencies ---bitcoins being the most 'celebrated' of them all---although not many understand how it all works. In Bengaluru, there has been a steady rise in investor interest. Facebook has now banned ads that promote cryptocurrencies.

Vivek Belagavi, who heads financial services technology for PwC India, explains bitcoins are linked to blockchain technology, a software platform for digital assets. "When it comes to the future of the bitcoin, it is strongly linked to blockchain technology. Blockchain technology users are gaining traction," he told Metrolife.

He sees potential in bitcoins, but has a word of caution when it comes to trading. "Trading in bitcoins should have the same level of market information and regulatory oversight as other instruments like securities," he says.

About Facebook banning ads, he says, "It is linked with protection. If some countries are not allowing it, FB wouldn't want to be known as a platform promoting it. If it is a tradable asset, there should be investor protection."

V Balakrishnan, founder and chairman, Exfinity Ventures, believes bitcoins are here to stay. "It is a fact that people are worried about the security layer while the government is concerned about illegal transactions. But these issues will be addressed," he says.

He sees bitcoins evolving as an alternative asset group. "The Facebook ban on ads is fine as they don't want mis-selling of assets. Some of these could be shady," he says.

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