India mulls ban on disingenuous crypto ads

India is considering new consumer protection measures that focus on crypto advertisements.

The government remains skeptical of the way ads are presented and wants to eliminate those that use frivolous language to incentivize unwitting consumers into investing in schemes that promise “wild profits”.

Indian Prime Minister Narendra Modi called for more action on the matter over the weekend.

Modi is primarily concerned about ads that target youth audiences and encourage them to bet on risky assets that have no backing or clear return policy, other than the promise of “big wins”.

While India has flirted with the idea of completely banning crypto on several occasions, the country may have finally settled for a moderate approach. However, the dangers of unregulated crypto lurk all over the country, as advertisement has not been reined in.

Meanwhile, Bitcoin has become a favorite currency to many Indians, and prominent members of society have decided to purchase, including Bollywood stars Amitabh Bachchan and Ranveer Singh.

The government has been concerned about the misuse of crypto as the means of laundering ill-gotten money as well. Some lawmakers have vowed to introduce laws that introduce innovation while keeping consumer protection in mind, but ads may have to go.

India is not the only country to raise concerns about public advertisement of crypto. In the UK, there seems to be growing discontent with the way such ads are displayed in public spaces.

The spark has been an omnipresent campaign about Floki, a spinoff token of Dogecoin, which has been found throughout London’s transportation system, prompting officials to act.

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Updated: 11/15/2021 — 13:00