It’s stale news that 2018 has been the year of crypto regulation so far. World authorities have employed various means to cripple the exponential rise of the blockchain-based virtual currency ecosystem, including pressuring social media platforms and search engines into banning cryptocurrency related advertisements.
India Accepts Altcoins
While the development came as a shock to some and threw many in the cryptosphere into a state of confusion, others have discovered a better means of getting their message across to customers and prospective investors.
In the digital age, opportunities are infinite. This fact has proven correct yet again as blockchain and crypto startups now outsource their advertising projects to marketing firms in India at very affordable rates.
That’s not all, to make things much more comfortable, these marketing agencies accept all forms of payments including newly generated altcoins.
The Facebook, Google and Twitter crypto ads ban has been made almost insignificant by India-based marketing agencies who offer better advertising solutions than the banned medium.
They expertly use Telegram, for instance, to get commercial information across to customers and prospective investors of their clients. The media houses often receive airdropped tokens from the crypto startups they are promoting, as a form of payment for their services.
The death of Social media ads has fueled the rise of thousands of advertising companies in India since January 2018. In a chat with The Times of India, the entrepreneur whose Chennai-based advertising agency works with 14 international crypto-based firms, Karnika Yashwant said that:
“Two or three months ago, there were only a few platforms that helped in advertising. Now, a company going for an ICO will have hundreds of proposals from new marketing agencies that are sprouting in India.”
Also, ICO organizers and investors in China have devised a highly functional means of carrying out initial coin offerings using the Wechat messaging app. Despite the Chinese government’s efforts to block all social media channels related to cryptocurrencies, the masses are still actively participating in projects via “cryptocurrency communities” on Wechat.
Social Media Firms Dragged to Court
Clearly, stakeholders in the cryptocurrency ecosystem have refused to go down without a fight.
According to Russian media firm TASS the Eurasian Blockchain Association (EBA), a body formed by groups from Russia, China, and South Korea, was established to defend the interest of the crypto ecosystem globally.
EBA’s first project is to challenge the ban on crypto ads by social media platforms and search engines. As such the association is suing Facebook, Google, Twitter and Yandex for “cartel collusion and abuse of monopoly power.”
The case will be heard in the United States in May 2018.
While some believe that the crypto ads ban by social media giants has severely affected the growth of the digital currencies market, Salim Ali, an ICO organizer is of the opinion that the prohibition is insignificant. In his words:
“Facebook and Google Adwords hardly generate demand [for ICOs]. Only a person new to the space would be googling it.”
Whether the lawsuit will have any effect on the crypto ads ban remains to be seen.