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The ban of OnlyFans brings the porn industry closer to cryptocurrencies

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During the month of August OnlyFans announced that, with an update of the privacy guidelines scheduled for October 1st, it would stop sexually explicit content. According to Bloomberg and Newsweek, the choice was determined by third party requests: therefore, after numerous controversies and discontent, OnlyFans announced that the October update would not lead to any ban. However, the controversy could be an opportunity for the world of cryptocurrencies and blockchain technology. How?

According to Newsweek, OnlyFans has undergone increasing attention from payment providers including Mastercard. The companies would have imposed severe restrictions on adult content, resulting in the August 16 announcement to “ban” erotic and / or pornographic material. According to analyst and cryptocurrency expert Christina Rud, “[…] having payment providers deciding what is right or wrong is really scary. ” Therefore, Rud explains, companies like OnlyFans could use blockchain technology and cryptocurrencies because they have “no central entity that controls them”.

The porn industry has already flirted with the blockchain. Pornhub announced it would accept cryptocurrency payments in 2018: a promise later canceled – speculates Newsweek – at the insistence of Visa and Mastercard. Since 2020, Pornhub accepts cryptocurrencies only for its premium service. Before the sudden and unexpected rise of OnlyFans other platforms, in some ways similar to the British one, had tried to combine amateur content (even sexually explicit) and payments in cryptocurrencies without success.

Could the porn industry be instrumental in adopting a standard again, as happened with VHS? It’s too early to tell, even in light of OnlyFans’ backtracking. But, again according to an investigation published by Newsweek, the use of blockchain could also help fight against the numerous scams and scams that use pornography to deceive users and / or blackmail performers.

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