New Delhi, Nov 14, 2018 : .The Indian government has taken a firm stand against cryptocurrency ads promising wild returns.
These ads are increasing across media platforms and were prominently seen during the IPL 2020 as well as the ICC Men’s T20 World Cup cricket matches. In a memo outlining the summering of a meeting of Prime Minister Narendra Modi and the crypto industry players late on Saturday, the government has clearly shown its displeasure over such mushrooming advertisements that promise wild profits.
The government clearly expressed its disapproval over mushrooming advertisements promising wild profits in a memo detailing the meeting of Prime Minister NarendraModi and crypto industry players late Saturday.
The crypto stakeholders and the government have reached a consensus that such advertisements are misleading youths and must be curbed.
Both the government and crypto stakeholders have agreed that these advertisements can be misleading and should be stopped.
“The government is cognizant of the fact that [blockchain] is an evolving technology hence the government will keep a close watch and take proactive steps,” according to the memo.According to the memo, “The government is aware of the fact [blockchain] technology is evolving so the government will keep an eye on it and take proactive measures.”
Crypto players like CoinSwitch Kuber, CoinDCX and WazirX recently launched ads across platforms, asking first-time investors to educate themselves first as well as promising big returns on their crypto investments.Recent ads on platforms across the crypto industry, including CoinSwitch Kuber and CoinDCX, asked first-time investors to learn about crypto, as well as promising huge returns on their investments.
A recent advertisement by the Blockchain and Crypto Assets Council (BACC), a part of Internet and Mobile Association of India (IAMAI), and industry players like CoinSwitch Kuber, CoinDCX, WazirX and Zebpay, claimed that crores of Indians have invested over Rs 6 lakh crore in crypto assets.
The Blockchain and Crypto Assets Council, a part of Internet and Mobile Association of India, and industry players such as CoinSwitch Kuber and WazirX, recently advertised that over 6 lakh crores of Indians had invested in crypto assets.
Indian crypto players are bombarding people with advertisements across platforms — doubling down on their marketing spend when the cryptocurrencies are yet to be accepted as legal tender and lack legal framework and regulatory norms in the country.
Indian crypto-players are flooding people with ads across platforms — double down on their marketing budget when the cryptocurrencies have yet to be accepted legally and there is no legal framework or regulatory norms.
The ball is currently in the court of the Finance Ministry and the Reserve Bank of India (RBI).
The Finance Ministry and Reserve Bank of India (RBI) are currently the ball in their court.
A cryptocurrency bill is expected in the winter session and till the whole picture is cleared, investing in cryptocurrencies can be a dangerous move, according to legal experts.
According to legal experts, a cryptocurrency bill will be introduced in the winter session.Until the entire picture is clear, it is possible to invest in cryptocurrencies.
“Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks,” is a thin line at the end of the advertisements, not visible to many people who have started investing via various crypto exchanges.”Cryptocurrency” is an unregulated digital currency that is not subject to market risk.This thin line is not visible to most people who have invested via different crypto exchanges.
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