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Locals in India are being encouraged to buy and give Bitcoin during the forthcoming Christmas season by Indian exchanges.
To celebrate the festive season in India, cryptocurrency exchanges are launching aggressive marketing efforts and giving away cryptocurrency to entice regular traders.
For this year’s Hindu holiday season, which began on September 10, crypto exchanges are encouraging individuals to give Bitcoin as a present instead of gold, which is the customary choice at this time of year.
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 partnered with e-commerce websites to allow customers to use Bitcoin to purchase prepaid gift vouchers for online shopping.
WazirX, a rival exchange with a variety of product launches planned for this month, is also targeting crypto gift-giving during the Christmas season.
“Crypto gifting is on our product roadmap,” said Rajagopal Menon, the exchange’s vice president of marketing. WazirX increased its workforce from 50 to more than 200 employees this year, with plans for more expansion during the holiday season.
The marketing activities come at a time when regulatory certainty remains elusive in India, as politicians continue to delay enacting legislation. There could be some light at the end of the tunnel, however, as new legislation is in the works.
Jayant Sinha, chairman of India’s Parliamentary Standing Committee on Finance, stated last week at a virtual blockchain summit that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated by concerns about national security while attempting to balance stability and growth.
Sinha also expressed concern about the use of cryptocurrency for money laundering and terrorism financing.
Rama Gandhi, the former deputy governor of the Reserve Bank of India, spoke at the same event, pushing lawmakers to offer clarification on the asset class. In addition, he argued that cryptocurrencies should be viewed as assets or commodities rather than currencies.