The most popular social network in Russia is easing restrictions on advertisements related to cryptocurrency.
VKontakte has now reportedly reversed that policy following legal consultations and, from August 8, clients will be allowed to place ads for cryptocurrency exchanges, blockchain services and educational platforms, as well as for industry media sites.
A representative for the social network said:
Online figures peg the number of registered users of the service at around 400 million. According to data provider Alexa, VKontakte is the most popular website in Russia and the 16th highest-ranked site in the world.
Notably, VKontakte has reported big increases in search traffic focused on bitcoin, ethereum and similar search terms. For example, the site told Novaya Gazeta that searches for "cryptocurrency" are up over 300 percent year-on-year.
The representative went on to clarify that the site wouldn't throw the door open to cryptocurrency-related ads completely, and those that offer sky-high returns on investments will continue to be blocked.
VKontakte image via An147yus/Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.