CoinSwitch Kuber pauses crypto ads after WazirX, Bitbns
Unicorn of cryptocurrency CoinSwitch Kuber has decided to put a hold on all cryptocurrency marketing until the regulatory landscape is clearer. A corporate spokesman told BusinessToday.in on Wednesday that the commercials have been halted till the situation is clarified.Other Indian crypto exchanges, such as WazirX and Bitbns, have previously put their advertisements on hold until more information, according to reports, in response to the government’s desire to regulate the cryptocurrency market.
Meanwhile, during the Winter Session of Parliament, which begins November 29, the government will introduce a Bill on cryptocurrency, along with 25 other Bills.The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 “seeks to prohibit all private cryptocurrencies in India, but it provides for specific exceptions to encourage the underlying technology and its usage,” according to the bill. According to the statement, the law aims to provide a facilitating environment for the formation of the official digital currency to be issued by the Reserve Bank of India.
According to a BT report, CoinSwitch Kuber’s Founder and CEO Ashish Singhal said earlier today that industry interactions with the government over the past several weeks show that the financial stability and interests of Indian crypto investors will be protected.Singhal’s comments come at a time when India’s proposed prohibition on private cryptocurrencies has generated panic among cryptocurrency investors, resulting in a nearly 20% slump in cryptocurrency values on local exchanges.In recent months, both the government and the Reserve Bank of India (RBI) have expressed worry about cryptocurrencies.
According to industry estimates, India has 15 million to 20 million cryptocurrency investors, with total crypto assets of roughly Rs 40,000 crore. Official data on cryptocurrency holdings and user base is unavailable.Prime Minister Narendra Modi earlier chaired a meeting with the RBI brass and the Ministries of Home Affairs and Finance to discuss the regulatory prospects for cryptocurrencies, where a strong consensus was reached to stop “attempts to mislead the youth through over-promising & non-transparent advertising.”
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