Indian crypto exchanges put together advert blitz for festive season

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

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

Sathvik Vishwanath, the co-founder of the favored crypto change Unocoin, told the Financial Instances that if approached proper, “Bitcoin and reward vouchers will be an attention-grabbing choice for customers to think about as extra consciousness exercise is anticipated throughout the business.”

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

Rival change, WazirX, which has numerous product launches scheduled for this month, can be focusing on crypto gift-giving amid the vacation season

“Crypto gifting is part of our product roadmap,” acknowledged Rajagopal Menon, vice chairman of selling on the change. WazirX grew its crew from 50 to greater than 200 staff this yr, noting plans for additional growth in the course of the festive season.

The advertising and marketing strikes come at a time when regulatory clarity is still lacking in India as lawmakers proceed to procrastinate on implementing laws. There may very well be some gentle on the finish of the tunnel, nonetheless, as new laws is within the works.

Associated: Indian government is rethinking crypto ban

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

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

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