Some Indian officials want to ban misleading advertisements that promise huge profits by investing in cryptocurrencies .
Officials from India say the ads exchanges criptomonedas that promise huge profits and are not clear with the volatility of the virtual currency should be banned, according to a memo summarizing the meeting between Indian Prime Minister Narendra Modi and various stakeholders.
Interested parties have reached an agreement that irresponsible ads mislead people who plan to invest in cryptocurrencies and should stop, according to the memorandum that was shared between various media and journalists in the Asian country.
In recent weeks in India , various cryptocurrency exchanges, such as CoinSwitch Kuber and CoinDCX , have launched advertisements that many have deemed irresponsible.
I am watching #T20WorldCup2021 on HotStar, and crypto universe has taken over nearly all ad spots.
Your POV:— Vijay Shekhar Sharma (@vijayshekhar) October 24, 2021
These cryptocurrency ads during cricket matches are very well targeted, indeed. But the idea of making crypto look easy and safe is scary! Esp. if you don’t understand it.
If you get it, great. If you don’t, it’s easy to slip into FOMO. Be careful with your investments, folks!
— Praval Singh (@Praval) November 7, 2021
Crypto instability
Currently, in India there is no official framework to monitor cryptocurrencies and their trade, so several Indian legislators have entered into several conversations to formulate a change in the development of this industry in their country.
More and more Indians are buying bitcoins and various Bollywood stars have promoted cryptocurrency trading in recent weeks.
In the memo, it was conveyed that the government is “aware of the fact that [blockchain] is an evolving technology, so the government will keep a close watch and take proactive measures . “