To celebrate the holiday season in India, cryptocurrency exchanges are looking to lure retail traders by launching aggressive marketing campaigns and giving away crypto.
For this year’s Hindu holiday season, which kicked off on Sept. 10, crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice this time of year — gold.
Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin, told the Economic Times that if approached right, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.”
The exchange has linked up with e-commerce websites to enable customers to purchase prepaid gift vouchers for online shopping using Bitcoin.
Rival exchange, WazirX, which has a number of product launches scheduled for this month, is also targeting crypto gift-giving amid the holiday season
“Crypto gifting is a part of our product roadmap,” stated Rajagopal Menon, vice president of marketing at the exchange. WazirX grew its team from 50 to more than 200 employees this year, noting plans for further expansion during the festive season.
The marketing moves come at a time when regulatory clarity is still lacking in India as lawmakers continue to procrastinate on implementing legislation. There could be some light at the end of the tunnel, however, as new legislation is in the works.
Speaking at a virtual blockchain summit last week, the chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, said that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated by concerns of national security, striving to balance stability and growth.
Sinha also aired concerns about the misuse of crypto assets for money laundering and terrorism financing.
The former deputy governor of the Reserve Bank of India, Rama Gandhi, spoke at the same event, urging lawmakers to provide clarity regarding the asset class. He also stated that cryptocurrencies should be treated as assets or commodities and not as currencies.