Will Cryptocurrency ads be prohibited in India, or will the currency be regulated?

Irresponsible crypto Ads – as termed by the Indian Government, could be banned to telecast in the country. The Ads were making rounds as Cryptocurrency trading in India booming by each passing day. These advertisements are created by cryptocurrency exchanges promising huge profits to the crypto user who are not totally aware about the volatile nature of cryptocurrencies and its trades.

Why is India strongly opposing cryptocurrency advertisements?

As depicted by the critics, Cryptocurrency exchange development in Kolkata and across the nation is attracting interests of the youths but is a bit misleading as well. The Indian government will propose a law to ban the misleading crypto Ads in the country and might even fine those trading or holding such digital assets. This can be a potential blow to millions of aspiring crypto investors.

If the proposed bill is imposed, there can be the strictest policies against cryptocurrencies and the bill might even criminalize crypto possession, issuance of cryptocurrencies, mining cryptos, trading, etc. The ban on advertisements came in line with an agenda proposed by the Government in January, which called for banning virtual currencies and build a regulatory framework to make the currencies official.

The move came in as there was an increasing number of Indian populations buying Bitcoin and other cryptocurrencies and holding them. The lawmakers have suggested that these misleading Ads could promote misuse of crypto trading in terms of money laundering and fund terrorist activities as well. Apart from banning the advertisements, the Center can even ban use of cryptocurrencies to make payments, however, would initiate a regulatory framework to regulate cryptocurrencies and the trades as well.

What the critics has to say on the curb?

With Blockchain development gaining pace, misleading cryptocurrency Ads have started making rounds. To curb this, the government of India may require the crypto exchanges to perform strict and full KYC of the crypto traders. The good thing is that most of the crypto exchanges operating in the country have prohibited crypto users from holding or moving their tokens and coins to private wallets and to other exchanges as well.

As per source, it is indicated that the government of India might come up with regulatory laws welcoming innovation with blockchain technology. It is further said that there can be foreign investments incorporated in the crypto projects as well. The government of India had thought about such a potential curb after cracking of crypto transactions by the Chinese government. However, blockchain is still in infancy and is an evolving technology, which is why the government of India will keep a close watch and take such advancing steps to curb misleading Ads on television.

Key highlights on purchase payments made using cryptocurrencies –

•    The government of India might impose a crypto regulation bill to be passed in the winter session in the parliament.

•    The bill might ban active allurement from crypt exchanges and trading platforms.

•    The cryptocurrencies might be regulated as an asset and will be under the control of RBI (Reserve Bank of India).

•    There can be guidelines to regulate audio-visual advertisements of crypto assets aired on televisions.

According to a Top token development company, there has been a consensus reached by several stakeholders that these irresponsible cryptocurrency advertisements are misleading the youths of the nation and must be stopped, according to a memorandum. The emerging crypto industry should be more careful about invalidating the trade process through these advertisements.