The Indian government has again introduced strict measures regarding the country’s crypto sector. As per the move by BCCI (Board of Control for Cricket in India), the women’s cricket team will no longer accept sponsorships and advertisements from digital currency businesses.
BCCI Stops Crypto Sponsorship and Advertising For Women’s Cricket Team
According to Planet Sport report, the Women’s Premier League team received a 68-page advisory from the BCCI. The advisory states that activities that will not be advertised include digital currency, tobacco, and gambling organizations.
The report also emphasizes that no franchisee is allowed to engage in any kind of association or partnership with entities involved in digital currency, directly or indirectly. This decision came after prior restrictions in the men’s Premier League that takes place in 2022.
Meanwhile, the Indian Premier League has partnered with no less than two local digital currency exchanges before the ban, CoinDCX and Kuber’s CoinSwitch. Coincidentally, the ban came during the crypto business stop advertising in the Premier League.
The board’s decision was in response to allegedly protecting the interests of players and the “sanctity” of the game. The regulatory body considers several threatening factors, including “lack of regulation in the crypto industry” – risks related to the volatile nature of digital currencies and the possibility of money laundering and illegal activities, according to the advisory notice.
India Crypto Laws And Previous Bans
India has around 115 million digital currency investors in 2022. But the government introduced several laws that affect the country’s digital landscape. First, they demand that citizens pay a 30% tax on every unrealized digital currency gain by April 1, 2022. Second, every crypto-related transaction requires a 1% TDS (tax deduction at source).
Investors may hope that 2023 is better to ease the pressure. However, they are bound to be disappointed because of his country APBN 2023. Meanwhile, India’s finance minister, Nirmala Sitharaman, cited the global crypto regulatory framework as the reason digital currency investors will not see any changes in India’s digital currency framework.
The risks associated with crypto advertising became prominent in 2022 when large digital currency companies went bankrupt. In some locations like the UK, the latest advertising rules are strict enough to send crypto company executives to jail for 2 years if they fail to comply with the regulations.
Meanwhile, the ban on crypto sponsorship and advertising is not the first in the Indian sports industry. The BCCI has banned tobacco, alcohol, and gambling-related sponsorship and advertising in cricket. The Indian Premier League (IPL) has also imposed similar restrictions on cannabis, CBD, and related products.
Cryptocurrencies and blockchain technology are gaining traction worldwide. While some countries have embraced the technology, others have taken a cautious approach, with China takes the lead in limiting cryptocurrency-related activities in the country.
Featured image from Pixabay, chart from TradingView.com.