To rejoice the vacation season in India, cryptocurrency exchanges wish to lure retail merchants by launching aggressive advertising campaigns and gifting away crypto.
For this 12 months’s Hindu vacation season, which kicked off on Sept. 10, crypto exchanges are encouraging residents to decide on Bitcoin as a present as a substitute of their conventional selection this time of 12 months – gold.
Sathvik Vishwanath, the co-founder of the favored crypto change Unocoin, told the Financial Occasions that if approached proper, “Bitcoin and reward vouchers will be an attention-grabbing possibility for customers to contemplate as extra consciousness exercise is anticipated throughout the business.”
The change has linked up with e-commerce web sites to allow prospects to buy pay as you go gift-vouchers vouchers for on-line buying utilizing Bitcoin.
Rival change, WazirX, which has plenty of product launches scheduled for this month, can also be focusing on crypto gift-giving amid the vacation season
“Crypto gifting is part of our product roadmap,” said Rajagopal Menon, vp of promoting on the change. WazirX grew its workforce from 50 to greater than 200 staff this 12 months, noting plans for additional growth in the course of the festive season.
The advertising 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 rules is not going to be like these in El Salvador, however will likely be dominated by considerations of nationwide safety, striving to stability stability and progress.
Sinha additionally aired considerations in regards to the misuse of crypto property for cash laundering and terrorism financing.
The previous deputy governor of the Reserve Financial institution of India, Rama Gandhi, spoke on the identical occasion, urging lawmakers to offer readability concerning the asset class. He additionally said that cryptocurrencies should be treated as assets or commodities and never as currencies.