The Board of Control for Cricket in India (BCCI) ordered the women’s cricket league to terminate any kind of association with crypto-related advertisements.
India is a technology adaptive country in the world but its stance toward the crypto sector is not clear. The Indian finance ministry is working to bring collaboration between all countries to establish an impactful global crypto regulation to ensure the prohibition of illegal use of cryptocurrencies. The Reserve Bank of India (RBI), the national Central Bank & Bank regulatory agency, already developed the national Central Bank Digital Currency (CBDC), or say Digital Rupee, and in the present time RBI is running a CBDC pilot program with the help of four leading Banks.
On 14 Feb 2023, Planet Sport reported that the Indian cricket control board BCCI sent a 68-page advisory to the Women’s Premier League teams to keep distance from the ads & sponsors linked with cryptocurrencies, gambling & tobacco.
“No franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector,” the advisory read.
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Before this BCCI never showed such stances toward the crypto sector but in March 2022 some local Indian Crypto exchanges planned to advertise in the Indian Premier League (IPL), a top-level popular t-20 cricket format, but took the decisions back citing responsibility concerns.
Crypto advertisement & regulatory bodies
Since 2022, it has been seen that many countries’ advertisement watchdog agencies showed a strict stance toward the crypto sector. The majority of the advertisement regulatory bodies imposed highly strict standards so that crypto companies can’t catch innocent people in any kind of high-risk investment trap.
Recently the advertisement watchdog from the UK released new guidelines for crypto companies, where crypto companies’ executives may face up to two years of prison punishment over failing to meet the safe advertisement standards.
Read also: Visa partners Wirex to issue crypto cards
India’s BCCI agency bans crypto ads & sponsors
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