To celebrate the festive season in India, crypto exchanges are launching intense marketing efforts. Therefore, giving away bitcoin enticing regular traders.
Festive Season of India
This year’s Hindu festival season, crypto exchanges are pushing residents to give Bitcoin instead of gold. Gold is traditionally the gift at this time of year.
Sathvik Vishwanath, co-founder of the prominent crypto exchange Unocoin.
“Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.”
Customers may buy prepaid gift certificates for online shopping using Bitcoin through the exchange’s partnership with e-commerce companies.
WazirX Marketing Stratergy
WazirX, a competitor exchange with several product releases planned for this month, for celebrating the festive season of India. Likewise focuses on crypto gift-giving over the Christmas season.
The exchange’s vice president of marketing, Rajagopal Menon, remarked, “Crypto gifting is a part of our product roadmap”. WazirX increased its workforce from 50 to more than 200 people this year, with plans to expand even more over the holiday season.
Future of Crypto in India
The marketing initiatives come when the regulatory certainty in India is still missing, as politicians continue to delay enacting laws. However, new legislation is in the process, so there may be some hope at the end of the road.
At a virtual blockchain summit last week, the Chairman of Parliamentary Standing Committee of India on Finance, Jayant Sinha, stated that the future crypto laws will not be like those in El Salvador but national security concerns will dominate it, seeking to balance stability and prosperity.
Sinha also expressed worry about the potential for crypto assets used for money laundering and terrorism financing.
Former Reserve Bank of India deputy governor Rama Gandhi addressed at the same occasion, pushing lawmakers to clarify the asset class. Cryptocurrencies, he added, everyone should consider crypto as investments or commodities rather than currency.