The lawmaker stated that she was not pointing to any specific advert. However, she finds it unethical that city buses and rails are featuring unregulated digital tokens. Berry also stated that she would also recommend the removal of these ads to London’s Mayor Sadiq khan. She said in her tweet:

Moreover, in late October, Blockchain news reported on this hostile ad campaign launched by the Floki Inu. Basically, a meme coin named after Elon Musk’s pet dog. Moreover, this coin aims to rival its predecessors, including the Shiba Inu (SHIB) and Dogecoin. While Floki Inu flooded the London Transport system, it acknowledged in its ad that the token was unregulated in the United Kingdom.

Also, Sian believes that caution is not enough when capturing the attention of the anonymous identity of the people behind the project. She also noted that Transport for London (TfL) had not made any attempt to do a background check. The check must be done on the digital token ads to be sure it was a scam or not. 

However, the TfL claimed that all of the adverts it has accepted have always complied with its policy and the Advertising Standards Authority (ASA). 

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Types of Cryptocurrencies

Bitcoin is the first blockchain-based cryptocurrency. It still stays the most valuable and famous. At present, there are millions of optional cryptocurrencies with various specifications and functions. Some of these are forks or clones of Bitcoin, whereas others are the latest currencies just from scratch. Bitcoin was introduced in 2009 by a group or an individual called as pseudonym “Satoshi Nakamoto.” Till Aug. 2021, more than 18.8 million bitcoins were circulating in the market with an overall market cap of nearly $858.9 billion, with the amount updating often. There are only 21 million bitcoins available, stopping both manipulation and inflation. Some of the rival cryptocurrencies initiated by Bitcoin’s success, called “altcoins,” include Cardano, Ethereum, Namecoin, Peercoin, Litecoin, and EOS. By August 2021, the collective worth of all the existing cryptocurrencies will be more than $1.8 trillion. At present, Bitcoin represents nearly 46.5% of the overall worth.

Advantages

Cryptocurrencies keep the pledge of making it simpler to transfer money directly among two parties without the requirement for a reliable third party. It can be a credit card company or bank. Instead, these transfers secure by using private and public keys and various forms of incentive systems, such as Proof of Stake or Proof of Work. In current cryptocurrency systems, a user’s account address or wallet contains a public key. The private key possesses only by the owner and employ to sign transactions. Money transfers are done with nominal processing fees. It is enabling investors to ignore the sheer fees of financial institutions and banks for wire transfers.

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The United States National Football League (NFL) has put restrictions on players and teams from getting adverts or sponsorships from businesses dealing in cryptocurrencies. They are also not allowed to be a part of any nonfungible token (NFT) sales. 

A report from The Athletic confirms that the ban will be in place until the NFL comes up with a strategy and a defined policy on crypto-related adverts and NFTs. While there is no official announcement yet, a member who chose to be anonymous has shared these details about the updated NFL policy. 

“Clubs are prohibited from selling, or otherwise allowing within club controlled media, advertisements for specific cryptocurrencies, initial coin offerings, other cryptocurrency sales or any other media category as it relates to blockchain, digital asset or as blockchain company, except as outlined in this policy.”

The move is going to hurt the NFL teams who have been actively seeking sponsorships from cryptocurrency firms and were selling team NFTs. A number of NFL teams in the US had been actively endorsing crypto and partnering with blockchain-based businesses for ticket sales. 

The anonymous NFL official has reportedly said that the teams and individual players will only be allowed to have crypto-related deals that are focussed on “investment advisory and or fund management services.” Also, the advertising sponsorship rights of such firms would be limited to corporate brand promotion and not making profits.

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Google’s new financial products and services policy is in effect starting August 3. Earlier Google had stopped publishing adverts related to cryptocurrency exchanges and their products. Back in 2018 Google had banned any crypto or ICO-related adverts. 

While Google is allowing crypto-related adverts from exchanges, it is still not approving adverts promoting an ICO or IDO. With the updated policy in place and Google accepting crypto adverts, it will definitely help them boost sales and earn additional income. 

However, Google is very strict about any crypto-related advert. According to the new policy, the advertisers must be registered with the Financial Crimes Enforcement Network (FinCEN) as a “money services business and with at least one state as a money transmitter, or a federal or state-chartered bank entity.”

As such any cryptocurrency-related advertisements that ask investors to purchase any cryptocurrency through ICO or IDO are still not permitted. Google says they are committed to customer protection and that scams are rampant which put customers at risk.

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UK’s Advertising Standards Authority, reports Financial Times, is ramping up efforts to identify and take down all misleading advertisements related to crypto that is floating on various social media channels. 

“We see this as an absolutely crucial and priority area for us,” said Miles Lockwood, director of complaints and investigations at ASA. “Where we do find problems we will crack down hard and fast.” 

Mr Lockwood also confirmed that the companies who fail to comply will be served notice as a warning. While the ASA is all at it, the country’s financial watchdog, the Financial Conduct Authority has also warned investors from investing in fishy financial products. They have been taking multiple steps to educate customers about the potential risks of cryptocurrency investments. 

In a statement to the press, emphasizing making informed investment decisions, the Financial Conduct Authority (FCA) said that the Consumers who got persuaded by adverts were much more likely to regret their purchase.

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