Before we discuss the possibility of Google Cryptocurrency “Google coin”, let us define the concept of this virtual currency. The word “crypto” in cryptocurrencies refers to complicated cryptography that permits the creation of digital currencies and their transactions across decentralized systems. Cryptocurrency is virtual or digital money that takes the form of tokens or “coins” with a large majority remaining entirely intangible. Some cryptocurrencies have been materialized into the physical world with credit cards or other projects. They are typically developed as a code through a process called “mining”. Mining is also what gives cryptocurrencies their security feature. Cryptocurrencies are usually designed to be free from a particular country’s government manipulation. This aspect has brought a lot of heat from authorities as well.
As of June 2021, the top-ranking one is Bitcoin with a global market capitalization of 615.61 Billion USD, followed by Ethereum with 290.32 Billion USD and Tether with 62.32 Billion USD. As you can see, Bitcoin is more than twice in value compared to its next competitor. The currencies modeled after Bitcoin are collectively called altcoins but matching the level of security that Bitcoin’s networks achieve has yet to be seen by an altcoin. As per experts, with such a huge potential in Cryptocurrency, it is only a matter of time before the internet giants like Facebook and Google create their own currency.
As far as the current transactions are concerned, the need for a well-recognized & trustworthy platform that makes investments safe and monitored has become a major focus point for blockchain companies. Google has been able to meet this demand by now permitting crypto firms to offer Google Pay as a payment method. Peer-to-peer Bitcoin exchange platform Paxful has become the first crypto company to use Google Pay transactions, allowing users in dozens of countries to purchase Bitcoin from vendors under Google trusted online payment system. Following suit, PayPal And Visa have also increased their presence in the world of virtual currencies. In fact, Paypal has plans to launch its own currency and currently has interests in existing cryptocurrencies like Coinbase and Coinmama.
Google has recently shared a new Policy concerning Cryptocurrency Ads. All prior crypto exchange certifications will be revoked and the new rules will take effect in August. A new cryptocurrency exchange and wallet certification with Google must be requested by the advertisers. The tech giant wrote: “Beginning August 3rd, 2021 advertisers offering cryptocurrency exchanges and wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.” Advertisers can be certified once they duly register with the Financial Crimes Enforcement Network as a Money Services Business and with at least one state as a money transmitter. The advertisers can however be “a federal or state-chartered bank entity” as an alternative.
Google noted that the advertisers must meet all relevant legal requirements, including local, state, and federal laws and they must also “Ensure their ads and landing pages comply with all Google Ads policies. ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, aggregators or affiliate sites containing related content or broker reviews, unregulated Dapps, cryptocurrency trading signals, cryptocurrency investment advice” are few types of the ads that are not allowed.
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