According to Government sources, Prime Minister Narendra Modi on Saturday chaired a meeting ‘on the way forward for cryptocurrency’ and other related issues. The meeting was held after a consultative process done by RBI (Reserve Bank Of India), MHA (Ministry of Home Affairs) and the Finance Ministry.
In the meeting, it was discussed that unregulated crypto markets cannot be allowed to become avenues for money laundering and terror financing. The Government also feels that attempts being made to mislead the youth through over-promising and non-transparent advertising must be stopped, as per reports.
There was also a consensus that the steps taken in this field will be progressive and forward-looking. The Government will continue to proactively engage with experts and stakeholders in the field.
It must be noted that many crypto exchange players have lately been spending big bucks on advertising through TV and digital mediums. All this is happening while the crypto space in the country is completely unregulated. According to crypto exchange players, Indians have invested over Rupees 6 lakh crores in crypto assets.
Crypto and bitcoin exchange players have been bombarding ads across mediums, especially during the ICC T20 Men’s World Cup. Meanwhile, a large population is still clueless about what the space exactly is. It is not only TV ads but many influencers and celebrities have been promoting these exchanges for a while now. The crypto ad blitz has also led to many requests, from across the country, asking them to be more transparent.
In July 2021, the Delhi High Court issued a notice to the Centre, SEBI, and others, in a plea seeking the setting up of guidelines or rules for domestic cryptocurrency exchange advertising on televisions.
Currently, crypto exchange players adhere to self-regulation according to the BACC ( Blockchain and Crypto Assets Council) code of conduct under the IAMAI (Internet and Mobile Association of India).
The crypto industry in India claims to have over 10 crore users with an investment of over Rs 6 lakh crore, making it a major asset class.