Indian Government to toughen the Crypto Exchanges

Targeting the population of more than a billion people, crypto advertisements have been very smart in choosing their audiences as there is a barrage of cryptocurrency advertisements filling almost all the ad spots on Indian Television. While cryptocurrency is still questioned by many significant establishments, the claims made by these advertisements to trap the people are seeming to be increasingly absurd to the Indian Government. 

In the latest news, the Indian government feels that these advertisements ensure major profits to the viewers, while not being very clear about the risky nature of these tradings, and this should be put to rest. This was the talking point of a memo in the meeting between some investors and Indian PM on Saturday. 

Some investors, also from New Delhi, have come to an agreement and claimed that these advertisements are misleading the youngsters and should be stopped. The ad spots on Indian TV are getting increasingly filled, mainly the ones including CoinSwitch Kuber, backed by Andreessen Horowitz and CoinDCX, backed by B Capital Group. 

What led to this decision is the statistics of an increasing number of Indians buying Bitcoin and other cryptos for the first time, without any proper knowledge. Renowned Bollywood celebrities such as Amitabh Bachchan has been seen in some ads to promote cryptocurrency while Superstar Ranveer Singh has been seen in the ads as well.

Image Source: <twitter.com<

To counter all of this, the decision has been made by the officials that crypto trading would soon require the customer to perform a full KYC. With the implementation of this decision, the customers would still be able to trade in cryptocurrencies but they may need to go through additional steps. This move will allow the knowledgeable and expert traders to make the exchanges and restrict the youth with no information from making any unnecessary transactions.

Leave a Comment