Misleading cryptocurrency advertisements will no longer be seen on TV because The Indian administration is adopting a harsh stance against cryptocurrency commercials claiming high profits, which are becoming more common across media channels. Along with this the administration is also keen to adopt effective actions on cryptocurrency. As per the Indian administration,
“The government recognizes that [blockchain] is a developing technology, so it will continue to focus on it and adopt effective actions”.
The concerns were risen when such advertisements were shown in abundance during the IPL 2020 and the ICC Men’s T20 World Cup cricket matches.
The administration has expressed its concern with such rapidly increasing adverts that offer wild gains in a document describing the summering of a discussion between Prime Minister Narendra Modi and crypto-focused brands late on Saturday.
After the brief discussion on the matter, both the crypto community and the government have agreed that certain marketing tactics misguides youths and should be prohibited.