TikTok Announced A Ban On Promotion Of Cryptocurrency Especially On Bitcoin!
TikTok is one of the most popular video streaming platforms, rendering tons of content frameworks created by several influencers. You might be familiar with the fact that most social media platforms and video streaming platforms are utilized to promote brands and explicit products and services with the assistance of influencers creating content on these platforms.
Conferring the notion, TikTok is correspondingly utilized for promoting products and other services. For example, TikTok was used particularly to promote cryptocurrency exchange platforms, social media pages related to cryptocurrency and other services.
Recently TikTok announced a ban on promoting these bitcoin exchange platforms and promoting financial institutions rendering services in terms of cryptocurrency. All the more, you can check out the www.bitcoins-era.io for getting gigantic results in bitcoin. Below mentioned is everything you should know about the cryptocurrency promotion ban on TikTok.
The entire policy falls under global prohibited industries, which demonstrates the fact that branding and promoting content related to financial services and now cryptocurrency services are prohibited on the platform at the instance.
The ban on the promotion of financial services includes a ban on almost every possible aspect such as loans, credit cards, debit cards, and many more. All the more, influencers cannot promote the trustable cryptocurrency exchange. To sum, these influencers cannot acquire a brand deal related to financial services.
The policy is meant to be accessed by the population of India as the higher authorities have recently banned almost every china based application prohibiting social media practices and guidelines.
The promotion of financial services on this Chinese-based platform was one of the prominent reasons why higher authorities of India drafted a ban on this Chinese-based application. The ban correspondingly included banning other Chinese applications like players unknown battleground mobile, share it, and many others.
Is The Policy Updated Due To The Cryptocurrency Crackdown In China?
You might be familiar with the fact that recently China announced a cryptocurrency crackdown in China. The joint committee of china announced on 18th of May 2021 that cryptocurrency would be a crackdown in China. The prominent reason behind the crackdown was the volatility of bitcoin. Undeniably bitcoin is highly volatile in nature; bitcoin is exceedingly preferred by the crypto investors in china.
The crackdown majorly focused on banning financial institutions offering cryptocurrency services and bitcoin mining. It correspondingly banned the acceptance of bitcoin as a payment method. However, bitcoin trading and investment scenarios are not banned in China as there are few financial institutions rendering services to the users.
Undoubtedly, the china cryptocurrency crackdown was the mere reason why TikTok had to update the policy of banning the promotion of cryptocurrencies like bitcoin, dogecoin, and ethereum. The reason mentioned by the member of the TikTok organization was to prohibit the chances of fraudulent activities and scams.
Google Followed The Similar Route!
Conferring the progression led by TikTok, Google correspondingly announced a ban on advertisements related to financial services. The major reason to ban these advertisement aspects is to mitigate the probability of scams and frauds. However, in order to prevent scams and frauds from these advertisement companies, Google, from now on, will evaluate the identity of advertisement companies.
Crackdown and bitcoin mining
Cryptocurrency crackdowns in China have impacted the bitcoin mining progression to an exceeding extent. However, the fact might amaze you that the entire set of impacts is just positive as the bitcoin mining ban in China did benefit the miners elsewhere; you might be wondering how.
China was the centric capital of bitcoin mining prior to the ban. However, subsequent to the ban, bitcoin mining progression is distributed and performed almost equally in the major countries.
Bitcoin miners are availing more bitcoin units without putting any extra effort into bitcoin mining. The mere query of bitcoin miners is that for how long the china mining industry will be inactive. As per the robust sources, in case the higher authorities of china do not pass any statement regarding the bitcoin mining ban reverse, the mining industry of china will utterly vanish. However, the miners of China are migrating to other countries such as Kazakhstan and Texas.
This is everything you should know about TikTok banning the promotion of financial institutions.