Indian government plans to ban deceptive crypto ads

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Alex Dovbnya

Indian government will not tolerate reckless cryptocurrency ads

The Indian government is seeking to ban cryptocurrency companies from carrying out reckless advertising campaigns that promise big returns to investors, according to a memo that summarizes a meeting Saturday between industry participants and Prime Minister Narendra Modi.

The lack of transparency in advertising could potentially hurt young investors, according to the note.

Recently, several Bollywood stars like Amitabh Bachchan have started promoting cryptocurrencies and launched their own non-fungible tokens, like Western celebrities.

High-profile sporting events have been inundated with crypto advertisements disseminated by CoinDCX and other major Indian crypto players.

I’m watching # T20WorldCup2021 on HotStar, and the crypto universe has taken over almost all of the commercials. Your POV:

– Vijay Shekhar Sharma (@vijayshekhar) October 24, 2021 Irresponsible crypto advertising has become a global problem. In May, the UK’s Advertising Standards Authority (ASA) banned a deceptive Bitcoin advertisement that was plastered on the London Underground by the Luna cryptocurrency exchange.

India will take a “phased” approach to regulate the crypto market, according to Asia News International:

The government realizes that this is an evolving technology, it will monitor closely and take proactive measures. There was also a consensus that the measures taken in this area by the government will be progressive and forward-looking.

As reported by U.Today, Shaktikanta Das, Governor of the Reserve Bank of India (RBI), again highlighted his concerns about the industry earlier this week.

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