The government of India will not tolerate cryptocurrency ads that will mislead people.
The government of India is seeking to ban crypto companies from running reckless advertising campaigns that promise huge returns to investors, according to a memo summarizing its meeting between industry participants and Prime Minister Narendra Modi. According to the memo, the lack of transparency in advertising could potentially harm young investors.
Recently, a few popular Bollywood stars like Amitabh Bachchan have started promoting cryptocurrencies and launching their own NFTs following the example of western celebrities. High-profile sporting events were flooded with crypto ads powered by CoinDCX and other major Indian crypto players.
Seen as a Global Problem
Irresponsible crypto advertising has emerged as a global problem. In May, the UK’s Advertising Standards Authority (ASA) banned an ad posted on the London Underground by cryptocurrency exchange Luna.
According to Asia News International, India will reportedly take a “progressive” approach to regulating the crypto market:
As previously reported, Shaktikanta Das, head of the Reserve Bank of India (RBI), reiterated his concerns about the industry earlier this week.