To have fun the vacation season in India, cryptocurrency exchanges need to lure retail merchants by launching aggressive advertising and marketing 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 a substitute of their conventional alternative this time of yr – gold.
Sathvik Vishwanath, the co-founder of the favored crypto change Unocoin, advised the Financial Occasions that if approached proper, “Bitcoin and reward vouchers may be an fascinating choice for customers to think about as extra consciousness exercise is predicted throughout the trade.”
The change has linked up with e-commerce web sites to allow clients to buy pay as you go gift-vouchers vouchers for on-line buying utilizing Bitcoin.
Rival change, WazirX, which has plenty of product launches scheduled for this month, can also be concentrating on crypto gift-giving amid the vacation season
“Crypto gifting is part of our product roadmap,” said Rajagopal Menon, vice chairman of selling on the change. WazirX grew its staff from 50 to greater than 200 workers this yr, noting plans for additional enlargement throughout the festive season.
The advertising and marketing 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 mild on the finish of the tunnel, nonetheless, as new laws is within the works.
Associated: Indian authorities is rethinking crypto ban
Talking at a digital blockchain summit final week, Chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, stated that the upcoming crypto rules won’t be like these in El Salvador, however will likely be dominated by issues of nationwide safety, striving to stability stability and progress.
Sinha additionally aired issues concerning the misuse of crypto property for cash laundering and terrorism financing.
The previous deputy governor of the Reserve Financial institution of India, Rama Gandhi, spoke on the identical occasion, urging lawmakers to offer readability relating to the asset class. He additionally said that cryptocurrencies must be handled as property or commodities and never as currencies.