Women’s team in India banned from crypto ads

The Indian government has again shown strict measures regarding the country’s cryptosphere. As per the measures taken by BCCI (Board of Control for Cricket in India), the women’s cricket team will no longer receive sponsorship and advertising from digital currency companies.

BCCI ends crypto sponsorship and ads for women’s cricket team

According to Planet Sport report, the Women’s Premier League teams received a 68-page warning from the BCCI. The advisory cited the activities that will not be announced as those of digital currencies, tobacco and gambling organizations.

The report also emphasized that no franchisee is allowed to undertake any kind of affiliation or partnership with entities involved in digital currencies, either directly or indirectly. This decision came after preceding limitation on the Men’s Premier League taking place in 2022.

Meanwhile, the Indian Premier League had partnered with no less than two local digital currency exchanges before the ban, CoinDCX and CoinSwitch Kuber. Coincidentally, the ban came when the crypto businesses stop advertising in the Premier League.

The board’s decision came in response to allegedly protecting players’ interests and the “sanctity” of the game. The regulator considered several threatening factors, including “lack of regulation in the crypto industry” – risks associated with the volatile nature of digital currencies and the possibility of money laundering and illegal activities, according to the advisory.

India’s crypto laws and previous bans

India had around 115 million digital currency investors in 2022. But the government introduced some laws that negatively affected the country’s digital landscape. First, it required citizens to pay a 30% tax on every unrealized digital currency gain on April 1, 2022. Second, every crypto-related transaction required 1% TDS (tax deducted at source).

Investors may have hoped that 2023 would be better to ease the pressure. However, they are bound for disappointment because of the country national budget 2023. Meanwhile, India’s Finance Minister, Nirmala Sitharaman, considers the global crypto regulatory framework as the reason why digital currency investors will not see a change in the Indian digital currency framework.

The risk associated with crypto advertising became notable in 2022 when major digital currency firms went bankrupt. In some places like the UK, the latest advertising rules are strict enough to send crypto firm executives to 2 years in prison if they don’t comply.

Meanwhile, the ban on crypto sponsorships and advertisements is not the first in the Indian sports industry. The BCCI banned tobacco, alcohol and gambling-related sponsorship and advertising in cricket. The Indian Premier League (IPL) has also introduced a similar ban on cannabis, CBD and related products.

Cryptocurrencies and blockchain technology are gaining ground all over the world. While some countries have embraced the technology, others have taken a cautious approach, with China is taking the lead in restricting cryptocurrency-related activities in the country.