The Indian government is planning on ways to ban cryptocurrency companies, running false ad campaigns. Of course, making gullible people believe in a lie on the promise of big returns of investment. Furthermore, this information is according to a memo after a Saturday meeting between industry participants and Prime Minister Narendra Modi.
More so, with poor transparency in advertising could cause harm to young Indian investors, as per the memo.
Recently, many A-list Bollywood stars of the likes of Amitabh Bachchan are promoting cryptocurrencies. Also, and launching their own non-fungible tokens, after the example of western celebrities.
Also, High-profile sports events also runs crypto ads by CoinDCX and other major Indian crypto players.
“I am watching #T20WorldCup2021 on HotStar, and crypto universe has taken over nearly all ad spots.
Your POV:” — Vijay Shekhar Sharma (@vijayshekhar) October 24, 2021
Additionally, misleading crypto advertising is growing as a global problem.
Recall, In May, the U.K.’s Advertising Standards Authority (ASA) bans a misleading Bitcoin ad. Of course, it’s all over on London Underground by the Luna cryptocurrency exchange.
Lastly, Indian government plans to a “progressive” pattern to regulating the crypto market, as per 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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