To make the celebrations for the holiday term in India, the exchanges of cryptocurrency are pursuing to attract retail traders by initiating intense marketing campaigns as well as delivering a lot of crypto as gifts. Intended for the current year’s season of Hindu holidays, which commenced on 10th September, the exchanges of cryptocurrency are persuading the residents to opt for Bitcoin (BTC) given to them as a gift rather than the conventional use of paper money.
A well-known crypto exchange Unicorn’s co-founder named Sathvik Vishwanath, talked about whether the move is correct and fruitful. He stated that interest would be developed in the consumers by taking the gift vouchers along with Bitcoin because the move is to increase awareness about crypto across the country. He further mentioned that it would additionally increase the chances of crypto adoption at a large scale by the community. The respective exchange has made collaboration with websites related to e-commerce for allowing the consumers to buy prepaid gift-vouchers through online shopping and utilizing BTC for its payment.
A rival exchange called WazirX, which has already prepared for many products arranged to be launched during the ongoing month, is, in addition, aiming at the provision of crypto gifts during the season of holidays. Rajagopal Menon, the exchange’s vice president for marketing, elucidated that crypto gifting counts as a portion of the entire roadmap of the company’s production. This year, a significant spike has been witnessed in the number of employees, which were 50 previously and now 150 are added making it 200. This signifies the intention of the company to expand its crypto scope during the continued festive season.
Such marketing steps are being taken at a time when there is still a deficiency in the regulatory clarity in the country because lawmakers are constantly postponing the implementation of the legislation. However, there is still some hope that the latest legislation is going to work adequately. Jayant Sinha (the chairman of the “Parliamentary-Standing-Committee-on-Finance” of India), while addressing at a summit on virtual blockchain last week, disclosed that the forthcoming crypto regulations are unlike those implemented by the El Salvadoran government.
Nevertheless, he explained, the concepts such as national security and an endeavor to level stability and development will be the dominant concerns. He also added the issues like terrorism financing and money laundering to be taken into consideration in this respect.