BCCI Bars Crypto Firms in Promotion of Indian Cricket Team
Summary: The BCCI has banned cryptocurrency, online gambling sites, tobacco goods, real money games, and alcoholic beverage corporations from promoting the future Indian cricket team. This adds to the already dull crypto growth in India.
The Board of Control for Cricket in India (BCCI) has barred the use of several platforms in its promotion of the future Indian national cricket team. Cryptocurrencies, online gambling sites, cigarette products, real money games, and alcoholic beverage companies all fall within this category.
The BCCI has not allowed cryptocurrency sponsorships for a while now. The BCCI reportedly requested in 2021 that the IPL teams and media partners not accept sponsorship from any cryptocurrency companies.
As of right now, the BCCI has capped bids for the aforementioned product types, which includes athleisure clothing. Tender submissions from platforms like BYJUS, an Ed-Tech that has previously participated, will be evaluated. This is according to a recent press release from the BCCI.
Jay Shah, the BCCI Secretary, stated:
“The attention of the interested parties is brought to Annexure B which details certain brand categories in which the interested party cannot bid.”
Crypto Adoption in India Takes Further Hit
Since the government is unwilling to encourage crypto investments, the delay in widespread adoption of cryptocurrencies persists. Although it shouldn’t come as a surprise that booze is off-limits, the crypto add-on seems to have surprised even the crypto experts.
More Pressure on Crypto Sector
The global cryptocurrency market has been in a downtrend for the last week, and crypto businesses have been facing some difficulties. But this is added up like firewood.
When FTX collapsed, the BCCI authorities considered banning cryptocurrency. The BCCI’s move has been met with controversy since the Reserve Bank of India would rather take a unified approach to cryptocurrency.
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Consequently, crypto entrepreneurs braced themselves for impending pressures as new obstacles emerged. However, despite the negative market that has been shaking the crypto business for weeks, the global crypto market is now marginally higher by 2.22% compared to where it was a week ago.