To have a good time the vacation season in India, cryptocurrency exchanges need to lure retail merchants by launching aggressive advertising campaigns and gifting away crypto.
For this yr’s Hindu vacation season, which kicked off on Sept. 10, crypto exchanges are encouraging residents to decide on Bitcoin as a present as an alternative of their conventional selection this time of yr – gold.
Sathvik Vishwanath, the co-founder of the favored crypto alternate Unocoin, advised the Economic Times that if approached proper, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.”
The alternate has linked up with e-commerce web sites to allow clients to buy pay as you go gift-vouchers vouchers for on-line procuring utilizing Bitcoin.
Rival alternate, WazirX, which has a variety of product launches scheduled for this month, can be focusing on crypto gift-giving amid the vacation season
“Crypto gifting is a part of our product roadmap,” acknowledged Rajagopal Menon, vice chairman of selling on the alternate. WazirX grew its workforce from 50 to greater than 200 staff this yr, noting plans for additional growth in the course of the festive season.
The advertising strikes come at a time when regulatory readability continues to be missing in India as lawmakers proceed to procrastinate on implementing laws. There might be some gentle on the finish of the tunnel, nevertheless, as new laws is within the works.
Related: Indian authorities is rethinking crypto ban
Speaking at a digital blockchain summit final week, Chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, mentioned that the upcoming crypto laws won’t be like these in El Salvador, however might be dominated by considerations of nationwide safety, striving to steadiness stability and development.
Sinha additionally aired considerations concerning the misuse of crypto belongings for cash laundering and terrorism financing.
The former deputy governor of the Reserve Bank of India, Rama Gandhi, spoke on the similar occasion, urging lawmakers to offer readability relating to the asset class. He additionally acknowledged that cryptocurrencies must be handled as belongings or commodities and never as currencies.