Instagram recently announced its ban on Bitcoin and its price, sparking raised eyebrows and questions among crypto devotees. The clarification stated: “We restrict certain activities to protect our community,” implying the underlying force can be linked with the intensifying regulatory pressure lifting across social media platforms.
Starting with Instagram, sites such as YouTube, UIDAI and TikTok may face similar repercussions towards deceptive promotions of crypto assets, due to complaints sized up against them by the European consumer group BEUC.
For individuals determined to find out the latest industry insights and updates from experts otherwise known as ‘crypto influencers’, Instagram is arguably a well-suited platform for them to amplify their reach. Nevertheless, these rules must be implemented in order to counteract growing threats of possible cryptocurrency scams.
Thus, this current turmoil speaks to wisely seeking a balance between advocacy of cybercurrency and committing to the overarching goal of their user safety and defence. Instagram’s action symbolizes the evolution of cryptocurrency guiding principles in the stark landscapes of today’s social media.