Cryptocurrency ads are back and overrunning on many news pages and social media sites following a short hiatus.
The Cryptocurrency exchanges had paused their commercials a few weeks earlier. This was after receiving widespread criticism from government of India committees for their false claims. They appeared mostly during the IPL 2020 and the ICC Men’s T20 World Cup cricket matches.
According to the memo, the proliferation of ads promising massive dissatisfied the government. The government believed that such ads deceive youths and should be prohibited.
However, the impending Bill will not restrict independent cryptocurrencies. And the Indian government’s goal is to control the overall speculative bubble. Certain exchanges, such as CoinDCX and CoinSwitch Kuber, have resumed their promotional activities.
Some have resorted to running targeted advertisements to keep their consumers from deserting the market.
Even if the climate appears to be quasi, crypto exchanges have established a cautious plan to maintain and attract new consumers. This plan will consider the uncertainty over future regulation.
On the subject of advertising, crypto exchanges are close-mouthed
On the other hand, ad experts note that crypto ads entice young Indian buyers using the same method they’ve used for a long time.
According to Rohit Raj, VP Strategy & Consulting at Dentsu Impact, India’s demographic edge and cryptocurrency are a winning combination.
To assure that customers do not confuse these commodities for official currency, the Advertising Standards Council of India talked with the government about incorporating proper risk information in crypto advertisements.
During ICC Twenty20 World Cup and IPL, the bitcoin exchange peaked. The exchangers spent more than Rs 50 crore.
As per industry watchers, the ad campaign may have exacerbated political and legal worries about digital currencies and the ads that support them. As a result, without regulatory clarification, the exchanges avoided running ads.
Exchanges for cryptocurrencies are expecting the government to set promotional regulations. The administration is likely to do this within the next month and create a wide structure for cryptocurrencies.
Law enforcement is on the watch for the crypto ad industry until then.