Google Sets the Stage for Blockchain App Regulation on Android

Blockchain technology will soon find its place within the Google Play Store, but it will do so under strict regulation and thorough verification processes to ensure user well-being. Google is preparing itself diligently for this.

Yes, some may argue that this comes late, that the bubble already burst in 2022, but where there is demand, there is also supply, even if on a smaller scale. That’s why Google, aware of the risks associated with Blockchain technology, such as scams, gambling addiction, or other issues, will regulate them under stringent rules.

Google’s rules for the Blockchain on Android

Google has taken the initiative to publish many of the requirements for entering the Blockchain market in advance. Among other things, it advises requesting verification well in advance, as the acceptance process can take up to a month for both developers and clients. The service will be fully operational starting from December 7, 2023.

Some of the most important rules mentioned include:

• Compliance with the regulations associated with this service in each region is mandatory. Therefore, even if the regulations in the US are met, operations in Spain must also comply with the country’s and European Union’s regulations.
• Services and functionalities must be clearly detailed. App promotion and gambling incentives will not be allowed to avoid false expectations.
• Developers will have strict control measures to prevent deception, scams, and fraud in their services.
• Mining will remain prohibited.

If you want more details, Google provides them in this video.

Rise and fall of the crypto bubble

The world of cryptocurrencies, Blockchain, and NFTs has been around for a long time, and over the years, its perception has evolved significantly. A decade ago, it was seen as something more associated with the “anti-establishment” movement against traditional banking. However, in recent years, it has shifted towards a showcase of wild capitalist tendencies. In fact, many would prefer not to remember what an NFT is, especially those who suffered financial losses from it.

After an intense 2021, this technology started to deflate in mid-2022, and in 2023, it has become niche content for a specific type of user. Social media platforms like Instagram and Facebook are already moving away from NFTs. Will the Blockchain market adapt to the current paradigm? We will soon see how this sector evolves: whether it remains in a secure niche or if its downfall has yet to hit rock bottom.