The Indian government is seeking to ban cryptocurrency companies from running reckless ad campaigns that promise big returns to investors, according to a memo that summarizes a Saturday meeting between industry participants and Prime Minister Narendra Modi.
The lack of transparency in advertising could potentially hurt young investors, according to the memo.
As of recently, several A-list Bollywood stars of the likes of Amitabh Bachchan started promoting cryptocurrencies and launched their own non-fungible tokens, following the example of western celebrities.
High-profile sports events have been inundated with crypto ads pushed by CoinDCX and other major Indian crypto players.
I am watching #T20WorldCup2021 on HotStar, and crypto universe has taken over nearly all ad spots.
— Vijay Shekhar Sharma (@vijayshekhar) October 24, 2021
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Alex DovbnyaIndia will reportedly take a “progressive” approach to regulating the crypto market, according to Asia News International:
The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was consensus also that the steps taken in this field by the government will be progressive and forward-looking.
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As reported by U.Today, Shaktikanta Das, governor of the Reserve Bank of India (RBI), once again highlighted his concerns about the industry earlier this week.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team