To celebrate the holidays in India, the cryptocurrency exchange hopes to attract retail traders by launching active marketing campaigns and giving away cryptocurrencies.
For the Hindu festival that began on September 10 this year, cryptocurrency exchanges encourage citizens to choose Bitcoin as a gift instead of gold, the traditional choice at this time of year.
Sathvik Vishwanath, co-founder of the popular cryptocurrency exchange Unocoin, Tell The Economic Times believes that if the method is correct, “Bitcoin and gift certificates may be an interesting option for users to consider, because the entire industry is expected to have more awareness activities.”
The exchange has established a connection with an e-commerce website to enable customers to use Bitcoin to purchase prepaid gift certificates for online shopping.
Competitor exchange WazirX plans to launch multiple products this month and also plans to give away cryptocurrency gifts during the holiday season
“Crypto gifts are part of our product roadmap,” said Rajagopal Menon, vice president of marketing at the exchange. WazirX increased its team from 50 employees to more than 200 employees this year, and plans to expand further during the holiday season.
Marketing initiatives are at the right time India still lacks regulatory clarity Because legislators continue to delay the implementation of legislation. However, with the enactment of new legislation, there may be some light at the end of the tunnel.
At the Virtual Blockchain Summit last week, Jayant Sinha, Chairman of the Standing Committee on Finance of the Indian Parliament, said that the upcoming encryption regulations will not be like El Salvador, but will focus on national security issues and strive to balance stability and growth.
Sinha also expressed concerns about the misuse of encrypted assets for money laundering and terrorist financing.
Rama Gandhi, former deputy governor of the Reserve Bank of India, delivered a speech at the same event, urging lawmakers to clarify asset classes.He also said Cryptocurrency should be considered as an asset or commodity Not as currency.