As uncertainty remains over the future of cryptocurrencies in India, advertisers of crypto exchanges and digital currencies are asked to consider self-restraint in their engagement with the mass audience. If wise advice prevails, their promotional emphasis will shift from the dazzling of the offer to a conceptual explanation, with the risks of buying the token clearly outlined for easy understanding. The safety of investors has been a major concern. One of the concerns was how crypto was being advertised in a meeting organized by Prime Minister Narendra Modi with stakeholders last week. The Parliamentary Standing Committee on Finance took up the matter this week.
Estimated 500 crores were spent on crypto advertising during the recent T20 Cricket World Cup, most of which were aimed at young investors. For a category that may soon be either illegal or regulated by an Act of Parliament, this is remarkable. As a broad crypto ban would be both impractical and over-restrictive, regulation is what we need. For example, they can be treated as a distinct asset class. Until then, however, those who publicize these tokens will be doing themselves a favor by not selling them more.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,