TikTok management has exercised an insanely bold step. As per TikTok new guidelines, there will be no place for Dogecoin publicity via TikTok. In an official statement, the company announced that marketing-oriented dogecoin ads would not be allowed any further. The new guidelines will indicate to users that any video directed toward the financial gains of any third party is strictly prohibited. The company further added that any content promoting financial services and products is now banned globally.
TikTok was a breeding ground for Dogecoin (DOGE) hype in 2020 and was counseling to every user to join the bandwagon. Other online platforms also discussed their financial policies. And how the platform can become more secure and informative for active users.
Informed Choice’s client education head, Martin Bamford, said that Tiktok from now on directly hunts down any sponsored content which will generate leads for any third party. He further added that we often see sponsored content on social media platforms, that very ill-informed, self-proclaimed mentors lure people away by selling delusions. But they are using affiliate links to make money.
However, it is unclear whether this TikTok ban includes all financial discussions or just for those with promotional goals. Google, back in 2018, also banned crypto-related ads. But google partially lifted that ban this year on some crypto entities. Thus, the crypto community is concerned; they have accused TikTok’s new guidelines compelled by political bias against the crypto community. The Crypto community voiced against this policy. They further added that these sorts of steps are pre-planned to create negative hype about the crypto market. These sort of decisions further intensifies the volatility in the market.
Tiktok has not shared any details about the new guidelines expected to be published soon. The social media community has divided opinions on the matter. Some believe that it will protect users against scammers. While others believe this will financially penalize a specific community. Despite the ban, cryptocurrencies have surged in terms of prices as Bitcoins and other currencies seemed stable.
However, there is another dimension to this story.
These new policy guidelines will also have hazardous impacts on Tiktok. One of the most important aspects of this ban is that TikTok will no longer be getting the money they used to generate from these ads. It might also dent TikTok’s traffic up to some extent. Whether the detailed explanation about these policy guidelines is satisfactory enough. And how long this policy will remain sustainable? These questions are yet to be answered. Only time will unfold the result of these guidelines. Despite all these bans crypto market will be trading from a solid base.