Cryptocurrency: The future of cryptocurrency looks bleak, the government will crack down on misleading advertisements

New Delhi: The future of cryptocurrencies in India is not looking good. There may be some announcement in the upcoming budget regarding crypto. It is being said that the government will introduce a new bill on crypto. But the situation is not clear regarding this. On the other hand, the Reserve Bank of India is showing its strictness regarding cryptocurrencies. Let us tell you that cryptocurrencies have not yet received government recognition, but the government is in full preparation to collect tax on the earnings from it.

According to a report, there is a preparation to crack down on advertising of cryptocurrencies in India. Negotiations are going on between the crypto exchange and the Advertising Standards Council of India regarding this. The government is also involved in this conversation. According to the report, soon the final draft of the guidelines to be made regarding advertisements of cryptocurrencies will be prepared. It is being told that these guidelines will be made in collaboration with the crypto exchange. It will be mandatory for crypto exchanges to give a disclaimer in crypto advertising.

Crypto advertising must inform exchanges that cryptocurrencies have high volatility. Not only this, crypto exchanges will not talk about the returns from cryptocurrencies in their advertising. The crypto exchange has to state in the disclaimer of its advertisement that cryptocurrency is still not a legal tender in India and the rules and regulations of the government are yet to come on this.

It is being said that if a crypto exchange advertises in the newspapers, then they will have to give a disclaimer in 20 percent of the space. While promoting on TV, a few seconds will have to be reserved for the disclaimer. The disclaimer to the crypto exchange shall be prepared in a way that is easy to read, listen to and view.

first published:Jan. 21, 2022, 1:52 p.m.


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