Wednesday, June 12, 2024

The Indian government wants to stop irresponsible crypto advertisements

Crypto advertisements have been a subject of debate. From Kim Kardashian to Matt Damon, many celebrities have featured internationally in cryptocurrency advertisements. Similarly, many sporting events actively advertise cryptocurrency, from NBA to UFC. However, crypto advertisements have always come with their fair share of controversy. Controversies are especially prevalent in places where the legal status of crypto is not determined, like India.

India’s decision on crypto is an awaited event for the international crypto community. With a huge young population and booming market, India has all the potential to be a major market for crypto-related products. Many Indian startups have capitalized on this idea and achieved unicorn status in a short time. CoinDCX, Coinswitch Kuber, and WazirX are some of the most successful crypto exchanges in India. The Indian government, however, has voiced strongly against its marketing tactics.

Cryptocurrency exchanges can often advertise themselves in exaggerated manners. We see the same thing with other financial or non-financial products as well, but crypto has to bear the additional burden of an ambiguous legal status. Until crypto’s legal status is determined, promoting it through huge marketing campaigns turned out to be a mistake for these exchanges.

The Prime Minister of India shared a memo following a meeting with top crypto entrepreneurs. It stated that any advertisement that promises anything unrealistically must not be aired. He cited that it can have an adverse effect on the minds of young and inexperienced investors. While this memo did not give any information about the legality of crypto in India, we can expect a decision very soon.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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