Indian Govt Aims to Block ‘Irresponsible’ Crypto Ads That Promise Wild Profits

Taking a hard stand on cryptocurrency ads promising wild returns, the Indian government is aiming to prohibit such ads that are growing across media platforms and were seen in plenty during the IPL 2020 and the ICC Men’s T20 World Cup cricket matches.

In a memo outlining the summary of a meeting of Prime Minister Narendra Modi and the crypto industry players late on Saturday, 13 November, the government has clearly shown its displeasure over such mushrooming advertisements that promise wild profits.

The crypto stakeholders and the government have reached a consensus that such advertisements are misleading youths and must be curbed.

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.

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.

Source: https://www.thequint.com/news/business/indian-govt-aims-to-block-irresponsible-crypto-ads-that-promise-wild-profits#read-more