Crypto Ads on Pause for sometime in India!
This year 2021 has been great for Crypto because of a few things which never happened. First of we have seen bitcin and ETH making their all-time high despite various challenges in between where the china ban was another hit. El Salvador made bitcoin a legal tender currency and this is another big move that has happened in the crypto space. Even India has also done pretty well in crypto in terms of new people onboarding and exchanges are getting millions of new users every day. Mot off the leading exchanges has gone throuhg a delayed kyc process because their existing system was not capable of handling this much of increased demand. March and April month was the time of the crypto peak and the entire crypto market cap has crossed the 2 trillion mark where as bitcoin itself crossed 1 trillion.
India has been in the news because of various updates and crypto movement and reet govt meet with crypto leaders is another hit. There was a spike in crypto advertisements in the country this year however now it has been paused by a few leading exchanges due to upcoming regulation. With the recent meet, its like to have regulations in place soon, and hopefully, early 2022 could a year for crypto regulation in the country. Few exchanges like Wazirx and BitBNS etc have stopped their crypt ads for now and as per them, this is done to make more people aware of crypto first so that they don't lose their funds.
Crypto exchanges had flooded TV screens with advertisements during recent sports events like the ICC T20 World Cup and Indian Premier League. People in the know said most of these entities could now tone down their claims, amid increasing scrutiny of their advertisements, some of which are alleged to be puffery and misleading.
Recent cricket matches have seen quite a good number of crypto ads but nowhere is a break so we might be able to see this for some time however its expected to be temporary and even all the products are live on the exchnage platforms.
I think this crypto ad has certainly brought more attention by Indians in crypto and because of this also govt might have paid attention to look in to. When an ad runs on television then there are millions of people who watch it and even if 1% of people join hen it will be a bigger percentage of people.
As of now, the ads are on pause for some time but its exciting to see when govt decides to share something official about crypto in the country and that will be a fantastic day for the Indian crypto community and even for the global audience.
Thank you so much