Facebook eases ban on cryptocurrency ads
San Francisco, June 27 : Facebook said on Tuesday that it is taking steps to ease a January policy banning financial products and services associated with cryptocurrency.
Rob Leathern, Product Management Director at Facebook, said in an official blog post that the world's largest social media network has "looked at the best way to refine this policy -- to allow some ads while also working to ensure that they're safe."
Facebook announced a broad policy in January this year which prohibited "ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency".
The policy, which even stopped legitimate businesses from buying advertisements, aimed to better detect what Facebook called deceptive promotional practices by many companies advertised binary options and cryptocurrencies without good faith, Xinhua reported.
Leathern announced that starting June 26, Facebook will be updating its "policy to allow ads that promote cryptocurrency and related content from pre-approved advertisers".
But the company will continue to block any ads that promote binary options and initial coin offerings, he said.
Advertisers are required to submit an application to Facebook before hand if they want to run ads for cryptocurrency products and services, so that Facebook can assess their eligibility, including any licenses they have obtained, whether they are traded on a public stock exchange, and other relevant public background on their business.
Under these restrictions, not everyone who wants to advertise will be able to do so, Facebook said.
"But we'll listen to feedback, look at how well this policy works and continue to study this technology so that, if necessary, we can revise it over time," Leathern wrote.
Last month, Facebook established a new experimental blockchain group dedicated to the technology that powers cryptocurrencies like bitcoin.
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Modi govt's 'calibrated erosion' of EC's integrity: Kharge on election rule
New Delhi (PTI): Congress president Mallikarjun Kharge on Sunday hit out at the government for tweaking an election rule to prevent public inspection of certain electronic documents, alleging it is part of the Modi government's "systematic conspiracy" to destroy the institutional integrity of the Election Commission.
Kharge also said the Modi government's "calibrated erosion" of the ECI's integrity is a frontal attack on the Constitution and democracy.
The government has tweaked an election rule to prevent public inspection of certain electronic documents such as CCTV camera and webcasting footage as well as video recordings of candidates to prevent their misuse.
Based on the recommendation of the Election Commission of India (ECI), the Union law ministry on Friday amended Rule 93(2)(a) of the Conduct of Election Rules, 1961, to restrict the type of "papers" or documents open to public inspection.
Reacting to the development, Kharge said, "Modi government's audacious amendment in the Conduct of Election Rules is another assault in its systematic conspiracy to destroy the institutional integrity of the Election Commission of India." "Earlier, they had removed the Chief Justice of India from the Selection panel which appoints Election Commissioners, and now they have resorted to stonewall electoral information, even after a High Court order," he said in a post on X.
Everytime the Congress party wrote to the ECI, regarding specific poll irregularities such as voter deletions and lack of transparency in EVMs, the ECI has responded in a condescending tone and chosen not to even acknowledge certain serious complaints, Kharge said.
"This again proves that the ECI, even though it is a quasi-judicial body, is not behaving independently," he said.
"The Modi government's calibrated erosion of ECI's integrity is a frontal attack on the Constitution and Democracy and we will take every step to safeguard them," Kharge said.
Congress general secretary in-charge communications Jairam Ramesh had said the party would legally challenge the amendment.
Lok Sabha MP and Congress general secretary (organisation) KC Venugopal said the poll panel had chosen opacity and a pro-government attitude in its dealings thus far.
According to Rule 93, all "papers" related to elections shall be open to public inspection.
The amendment inserts "as specified in these rules" after "papers".
Law ministry and ECI officials separately explained that a court case was the "trigger" behind the amendment.
While documents such as nomination forms, appointment of election agents, results and election account statements are mentioned in the Conduct of Election Rules, electronic documents such as CCTV camera footage, webcasting footage and video recording of candidates during the Model Code of Conduct period are not covered.
"CCTV coverage, webcasting of polling stations are not carried out under Conduct of Election Rules but are the result of steps taken by the ECI to ensure a level playing field," a former ECI official explained.
