This year’s Hindu holiday season started on September 10, and local crypto exchanges decided to use this year’s holiday season to make cryptocurrencies more popular in the country. They are looking to lure retail traders by launching aggressive marketing campaigns. People can also get crypto as a gift from local exchanges.
Local crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice this time of year – gold. The popular exchange Unocoin partnered with e-commerce websites. Thanks to their collaboration, customers can purchase prepaid gift card vouchers for online shopping using Bitcoin.
Bitcoin, as well as gift vouchers, can be an interesting option for customers according to Unocoin’s co-founder Sathvik Vishwanath.
Unocoin’s rival WazirX is also working hard to make cryptocurrencies in India. It also plans to offer crypto as a gift during this year’s Hindu holiday season. The crypto exchange’s representative Rajagopal Menon noted that “crypto gifting is a part of our product roadmap”. WazirX plans to expand its operations during the festive season.
In spite of various legal issues, Indian crypto exchanges launched aggressive marketing campaigns. Hopefully, there could be some light at the end of the tunnel, as new legislation is in the works.
The Blockchain and Crypto Assets Council of the Internet and Mobile Association of India organized the inaugural Hodl 2021 conference.
Jayant Sinha is the current Chairman of India’s Parliamentary Standing Committee on Finance. He spoke at a virtual blockchain summit last week and said that the upcoming crypto regulations will not be like those in El Salvador.
Regulations will be dominated by concerns of national security. Indian lawmakers would like to find a balance between stability and new opportunities. He also raised concerns about the misuse of crypto assets for money laundering and terrorism financing.
A former high-ranking official of the country’s central bank also discussed crypto-related issues at the same conference. In 2018, the country’s central bank banned all commercial banks from allowing their clients to make crypto-related transactions. The country’s supreme court overturned the Reserve Bank of India’s decision in 2020.
The country should accept digital assets according to Rama Subramaniam Gandhi. He served at the central bank from 2014 to 2017. Gandhi also believes that the government should have an open mind toward economic transactions involving cryptocurrencies.
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