In October, CNBC highlighted the ban's impact on Bloom , a San Francisco start-up that uses blockchain technology to help people keep control over their personal data online. Bloom had spent hundreds of thousands of dollars on Facebook ads to promote its services, but the saw all of its ads suddenly banned by the social network in October. Facebook's rollback of this ban comes amid reports that the company is working on its own blockchain project.
In December, Bloomberg reported that the company is building a so-called stablecoin that will allow WhatsApp users to send cryptocurrency payments to one another. Facebook has been in talks with dozens of financial firms and e-commerce companies to support the initiative, the Wall Street Journal reported last week. This will enable the average day-to-day person to do this. In June , Mark Zuckerberg announced plans to launch Facebook's own digital currency, called Libra.
The project failed to take off in the face of backlash from regulators and lawmakers. The renamed currency, Diem, hasn't yet been released to the public. Facebook isn't necessarily giving up on its efforts however, it has just scaled back efforts. In October it launched its digital crypto wallet product, Novi and since Diem is run by an independent body, it may just be changing tactics.
Why did Facebook first ban cryptocurrency ads? The company first banned cryptocurrency ads in January over fears that users could be scammed by startups.
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