Nothing is very difficult, and everything is straightforward. Something will happen if you use CoinSwitch.
Crypto is the future, and the future is simple, according to Ranveer Singh’s recent commercial for CoinSwitch Kuber, a cryptocurrency exchange platform. For the past three weeks, the ad has been airing on TV channels and OTT platforms, with Singh in his Gully Boy persona pushing a bunch of Mumbai bhais to invest in the cryptocurrency platform.
In India, there is currently no legal structure in place to regulate cryptocurrencies. So, why do there seem to be so many ads?
Nothing is very tough, and everything is simple. If you utilise CoinSwitch, something will happen.
According to Ranveer Singh’s recent commercial for CoinSwitch Kuber, a cryptocurrency exchange platform, crypto is the future, and the future is simple. The ad has been showing on TV stations and OTT platforms for the past three weeks, with Singh in his Gully Boy persona urging a group of Mumbai bhais to invest in the bitcoin platform.
In India, cryptocurrency is unregulated. This adds to the risk of an already high-risk product. Consumers, on the other hand, are bombarded with full-page ads and glitzy campaigns showcasing their favourite celebrities, all asking them to invest. Tanmay Bhatt can be found on YouTube, Nikhil Chinapa can be found on Instagram, and Kunaal Roy Kapur can be seen on television. The India-Pakistan cricket match was shown last week with a slew of bitcoin advertisements.
So, what exactly is going on here?
According to BrokerChooser, the broker discovery and comparison tool, India has the biggest number of cryptocurrency owners in the world — 10.07 crore. With 2.74 crore, the United States is second, which Russia followed with 1.74 crore & Nigeria with 1.30 crore.
Within hours, the value of a cryptocurrency might skyrocket or plunge. A “play-to-earn” cryptocurrency inspired by the South Korean dystopian sitcom Squid Games was released ten days ago, and presale Squid tokens sold out in a second, according to the white papers. According to CoinMarketCap, a market monitoring firm, the Squid token has increased by 75 thousand percent this week, but it has also issued a warning about the need to be cautious when trading after receiving many reports of people being unable to sell the token.
Investors are also unprotected from the volatility of bitcoin or from fraud due to the lack of regulation.
The Reserve Bank of India (RBI) prohibited banks and other regulated financial institutions from engaging with clients that deal in private cryptocurrencies such as Bitcoin in 2018. The Supreme Court intervened in March and overturned the decree, ruling that the RBI lacks the authority to limit individual cryptocurrency transactions under existing legislation.
The Indian government is rumoured to be considering enacting a cryptocurrency regulation bill in the 2022 budget. Meanwhile, the ads are available for free, with fine print warnings about market risk. It’s easy to miss if you blink.
Advertisement disclaimers are frequently small, brief, and easy to overlook.
In the absence of statutory regularisation, cryptocurrencies, according to Anirban Bhattacharyya, partner at Shardul Amarchand Mangaldas, are fundamentally assets.
“It’s as good as purchasing or selling any goods online from an Indian regularisation standpoint,” he said. “However, these are assets with a value that fluctuates and trades. These are securities in all but name, except that they aren’t treated as such by regulatory organisations like the SEBI or the RBI.”
Other investment vehicles, such as mutual funds, have significantly greater visibility and transparency than bitcoin exchanges, according to Bhattacharya, because regulations specify exactly how these firms should operate.