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A Major Blow to Advertisement: Tik Toks Crackdown on Cryptocurrency

On June 10, 2021, popular social media outlet Tik Tok updated its Branded Content Policy. It now states, “All financial services and products are prohibited, including but not limited to … cryptocurrency.” As one of the most popular social media platforms in the world, this will be a major hit to many marketing policies as the app continuously increases in popularity. In addition, Tik Tok is especially popular with the younger demographic: users under the age of 35 take up the highest percentage of users on the app. This is important to know since the majority of cryptocurrency investors and those likely to invest fall into the 18-40 age range. 

 

The shutdown of advertisements about cryptocurrency comes after a surge in concern over misleading information being spread across the app causing naive investors to put their money into bad investments such as various cryptocurrencies, cryptocurrency courses, financial advice, etc. It’s especially a big...

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China’s Crypto Mining Rigs No More

China’s central bank views decentralized currency as a threat to the state’s economy and views it as an incentive to use it for illegal purposes. To combat the increasing popularity of cryptocurrency, China has done two things. Various Chinese provinces, including the two top crypto mining provinces, have shut down the power allotted to crypto mining businesses, resulting in the suspension of activity and relocation of these businesses. In addition, China has started to develop its own E-currency based on its standard currency, the yuan, to ensure the e-currency used in the state still has a centralized backing. Furthermore, the government has forced multiple large state-owned banks to “block payment services for any client accounts thought to be involved in cryptocurrency transactions. They were also told to cease offering other services such as account opening, registration and trading for any cryptocurrency-related activities.”

The relocation of crypto...

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