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Indian Government Plans To Ban Misleading Crypto Advertisement

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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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.