Social media is about to get another take on the virtues of cryptocurrencies. There has already been news out that many social media websites such as Facebook and Twitter are banning ads for cryptocurrencies on their platforms. We now have word that a Polish financial watchdog is going to conduct a social media campaign that targets cryptocurrencies as deceptive and not a wise choice as an investment says cointelegraph.com.
The point that this group is trying to make is that many people can get caught up in the promises of cryptocurrencies without giving them a hard look to see what they are really all about. That responsibility is on the consumer of this information in general, but some groups are upset that cryptocurrencies are not more fully explained out to those who have not stopped to take a minute to try to understand them.
The Central Bank of Poland now says that it used $27,000 to create an anti-crypto campaign. In that campaign the Bank created a YouTube video in which a man describes his experience losing all of his money trying to trade in cryptocurrencies. The video did not indicate in any way that it was sponsored content or a public service announcement. Rather, viewers are just supposed to take the message on face value and learn from it whatever they will.
This is an entirely different approach to attacking cryptocurrencies than the industry has ever seen before. It will be interesting to see what the response and reaction is to these kind of moves.