The legal stance of India on cryptocurrency is still under debate. While many people are speculating a positive outcome, there has been none so far from the Prime Minister’s meetings with top crypto entrepreneurs in the country. On the other hand, a memo that the Prime Minister shared after the meeting hints at the government’s strict approach towards cryptocurrency. In the memo, the Prime Minister said that cryptocurrency exchanges should show caution and restraint in their advertisements.
Over the past few months, Indian media outlets have strongly advertised homegrown cryptocurrency exchanges. Indian crypto exchanges like CoinDCX and Coinswitch Kuber have gained considerable success over the past few months. Some Indian crypto startups have gained unicorn status within a short time. All these developments culminated in heavy crypto advertisements across newspapers, social media, television, and the internet.
In Prime Minister’s memo, nothing was said about the upcoming crypto regulations in the country. Experts in the country are predicting a law soon, but how that turns up for the cryptocurrency exchanges is a matter of speculation. However, we can expect a decrease in advertisements from these companies following the Prime Minister’s strong words. In India, television and social media advertisements play a huge role in bolstering a company’s success. Keeping this in mind, many crypto exchanges partnered with top actors in the country and aggressively marketed their products in the Indian festive season. What changes come following the PM’s memo is still not clear, but there is bound to be some restrictive action.