The Indian government in a bid to promote systematic crypto transactions in the country has decided to put a lid on reckless crypto ad campaigns.
According to a memo that condenses the meeting held between Prime minister Narendra Modi and industry professionals, the government has decided to practice restraint and is considering imposing a ban on ads that promote hefty returns to investors.
India will not entertain misinformation regarding crypto
The memo also highlights the key issues discussed in the meeting that are strongly associated with a lack of transparency when it comes to crypto advertising in India. The sudden burst of ads enticing customers and encouraging them to invest might be proven harmful and can compromise the investor’s ability to make sound financial decisions.
The meeting also examined and conveyed how crypto is still an emerging sector in India, and the government needs to take “small proactive steps” to accommodate crypto proceedings in the country. In the meanwhile, the authorities have also expressed their concern over alleged money laundering and terror financing issues that are often associated with cryptocurrency trading.
Moreover, the authorities have also made it clear that crypto markets cannot become avenues to finance such activities at any cost and hence strict regulation will be practiced to curb such developments.
Misinformed crypto ad campaigns have been a source of global concern. Irresponsible crypto ads have pushed many countries to take action against such developments and curb the spread of false information to protect investors.
The UK’s Advertising Standards Authority had recently banned a misleading on Bitcoin that propagated misinformation and promised big returns to investors in London.
India will reportedly adopt a “progressive approach” and practice strict supervision to suppress any unregulated crypto activities. As per Asia News International, “The government is cognizant of the fact that this is an evolving technology, it will keep a close watch and take proactive steps. There was also consensus that the steps taken in this field by the government will be progressive and forward-looking.”
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