Indian crypto exchanges prepare ad blitz for festive season

To rejoice the vacation season in India, cryptocurrency exchanges wish to lure retail merchants by launching aggressive advertising campaigns and gifting away crypto.

For this yr’s Hindu vacation season, which kicked off on Sept.
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10, crypto exchanges are encouraging residents to decide on Bitcoin as a present as a substitute of their conventional alternative this time of yr – gold.

Sathvik Vishwanath, the co-founder of the favored crypto trade Unocoin, told the Economic Times that if approached proper, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.”

The trade has linked up with e-commerce web sites to allow prospects to buy pay as you go gift-vouchers vouchers for on-line buying utilizing Bitcoin.

Rival trade, WazirX, which has various product launches scheduled for this month, can be concentrating on crypto gift-giving amid the vacation season

“Crypto gifting is a part of our product roadmap,” said Rajagopal Menon, vp of promoting on the trade. WazirX grew its staff from 50 to greater than 200 staff this yr, noting plans for additional growth in the course of the festive season.

The advertising strikes come at a time when regulatory clarity is still lacking in India as lawmakers proceed to procrastinate on implementing laws. There could possibly be some mild on the finish of the tunnel, nevertheless, as new laws is within the works.

Related: Indian government is rethinking crypto ban

Speaking at a digital blockchain summit final week, Chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, stated that the upcoming crypto rules won’t be like these in El Salvador, however will likely be dominated by issues of nationwide safety, striving to steadiness stability and development.

Sinha additionally aired issues in regards to the misuse of crypto belongings for cash laundering and terrorism financing.

The former deputy governor of the Reserve Bank of India, Rama Gandhi, spoke on the similar occasion, urging lawmakers to supply readability concerning the asset class. He additionally said that cryptocurrencies should be treated as assets or commodities and never as currencies.