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Indian Government Considering Banning Misleading Crypto Ads

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Sun, 11/14/2021 - 10:51
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Alex Dovbnya
The Indian government won’t tolerate reckless cryptocurrency ads
Indian Government Considering Banning Misleading Crypto Ads
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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.

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Irresponsible crypto advertising has emerged as a global problem. In May, the U.K.’s Advertising Standards Authority (ASA) banned a misleading Bitcoin ad that was plastered on London Underground by the Luna cryptocurrency exchange.

India 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.

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.