Ahead of Diwali, two of Bollywood’s top men are promoting cryptocurrency as an alternative to India’s annual gold spending binge.
Before Dhanteras, the most auspicious day in the Hindu calendar for buying gold or starting new ventures, India’s top two crypto platforms have each tapped stars, one of whom, Amitabh Bachchan, may be the most famous Indian actor of all time, to promote cryptocurrencies as a superior and easy investment. Indians’ Diwali investments have extended to encompass stocks, real estate, jewels, and other valuables.
Bitcoin is being promoted as an alternative by cryptocurrency exchanges such as Bangalore-based CoinSwitch Kuber and CoinDCX. In a CoinSwitch promo, Ranveer Singh, star of some of the country’s biggest movies, raps in Hindi on how simple crypto trading can be.
Ease, on the other hand, may not be the primary issue. The Reserve Bank of India essentially prohibited cryptocurrency trading until the bans were overturned by the courts in March 2020. Since then, the government has toyed with crypto governance legislation, which has the potential to alter the environment for investors.
Ease, on the other hand, may not be the primary issue. The Reserve Bank of India essentially prohibited cryptocurrency trading until the bans were overturned by the courts in March 2020. Since then, the government has toyed with crypto governance legislation, which has the potential to alter the environment for investors.
Using celebrity pitchmen helps to bring cryptocurrency into the public and, in Bachchan’s case, provides a level of credibility. Bachchan, in addition to having a god-like baritone, has been the celebrity face of the RBI’s campaign against online and offline banking fraud.
Aside from India’s ambitions for a virtual rupee, the RBI continues to be hostile of cryptocurrencies, calling for the government to outlaw them. According to a person familiar with the situation, authorities met with Bachchan over the weekend to voice their concerns. The celebrity indicated he’d reevaluate his partnership with CoinDCX, according to the source, who asked not to be identified since the specifics are private.
Representatives from the central bank and CoinDCX did not reply to texts or emails. Calls and texts to Bachchan and his representative were
