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BangaloreAhead of Diwali, two prominent Bollywood figures are offering yet another option during India’s annual gold buying spree: cryptocurrencies.
India’s top two crypto platforms each have tapped stars – one, Amitabh Bachchan, may be the most famous Indian actor of all time – to promote cryptocurrency as a better and easier investment ahead of Dhanteras, the Hindu calendar. Most auspicious day in India to buy gold or start new ventures. Indians have expanded their Diwali investments to include shares, real estate, diamonds and other property.
Cryptocurrency exchanges such as Bangalore-based coinswitch kuber And CoinDCX is offering bitcoin as another option. In an ad for CoinSwitch, Ranveer Singh, the star of some of the country’s biggest blockbusters, gives a rap in Hindi about how simple crypto trading can be.
Coinswitch speaks of crypto!
Get started on India’s biggest crypto app!
download @CoinSwitch Kuber And your crypto journey is only Rs. 100. #something will change #RanveerXCoinSwitch pic.twitter.com/UARczFV8Za— Ranveer Singh (@RanveerOfficial) 8 October 2021
However, ease may not be the central concern. The Reserve Bank of India effectively banned cryptocurrency trading until the restrictions were lifted by the courts in March 2020. Since then, the government has tinkered with crypto governance legislation that could change the landscape for investors.
Tapping the Celebrity Pitchman Helps Bring Crypto Mainstream, and Especially BachchanThe case of, adds a measure of respect. Apart from being the voice of God, Bachchan has been the celebrity face of RBI’s campaign against online and other banking frauds.
India’s plan for a virtual rupee aside, the RBI criticizes cryptocurrencies, advocating that the government ban them. According to a person familiar with the developments, officials met Bachchan over the weekend to reiterate their concerns. The star said he would reconsider his relationship with CoinDCX, the person said, asking not to be identified as the details were not private.
Representatives from the central bank and CoinDCX did not respond to questions sent by message or email. Calls and text messages to Bachchan and his representative went unanswered.
The star of blockbuster films like Padmaavat and Gully Boy, Singh’s fan base is geared towards YOLO Millennials as well as Indians from small towns. The CoinSwitch tie-up happened recently; The platform is the largest crypto portal in the country with 10 million users till date.
Other Indian exchanges have attempted to demystify crypto for first time investors, making it possible to buy or sell with two or three clicks.
Many global figures have made space for digital coins. In the US, football star Tom Brady and supermodel Gisele Bundchen have stakes in FTX and co-star in your advertising campaign. Paris Hilton, Kim Kardashian and Snoop Dogg have also supported various crypto dramas.
By at least one measurement, the pitch works: About 45% of crypto investors said they would invest based on the endorsement of a celebrity, according to one Survey By Morning Consult. Roughly 20% of investors said they could be seduced by A-listers. – bloomberg
Read also: Rapid growth, adoption of crypto assets pose financial stability challenges: IMF
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