Press Esc to close

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.

Go to Top

More from this section
Most trending stories
Photo Gallery
A view of Sunder Nursery at Hazrat Nizamuddin in...

A view of Sunder Nursery at Hazrat Nizamuddin in...

Mahila Congress activists make 'pakodas' to protest against alleged unemployement...

Mahila Congress activists make 'pakodas' to protest against alleged unemployement...

Canadian Prime Minister Justin Trudeau and First Lady Sophie Grgoire greet visitors...

Canadian Prime Minister Justin Trudeau and First Lady Sophie Grgoire greet visitors...

Gold medalist Mariama Jamanka of Germany gets lifted by silver medal winner Lauren Gibbs...

Gold medalist Mariama Jamanka of Germany gets lifted by silver medal winner Lauren Gibbs...

Union Textile Minister Smriti Irani addresses a session during UP Investors Summit 2018 at...

Union Textile Minister Smriti Irani addresses a session during UP Investors Summit 2018 at...

A helicopter is seen flying over the besieged town of Douma, Eastern Ghouta...

A helicopter is seen flying over the besieged town of Douma, Eastern Ghouta...

Transgender Shanavi Ponnusamy arrives at the chief minister's cell at...

Transgender Shanavi Ponnusamy arrives at the chief minister's cell at...

Lufthansa tests humanoid robot 'Josie Pepper' at airport...

Lufthansa tests humanoid robot 'Josie Pepper' at airport...

Chief of the Air Staff, Air Chief Marshal B.S. Dhanoa presents a memento to the...

Chief of the Air Staff, Air Chief Marshal B.S. Dhanoa presents a memento to the...

Alpine Skiing - Pyeongchang 2018 Winter Olympics - Women's Downhill Training...

Alpine Skiing - Pyeongchang 2018 Winter Olympics - Women's Downhill Training...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.