India’s cryptocurrency exchanges are preparing massive advertisements for the holiday season

To celebrate the holiday season in India, crypto exchanges are trying to attract retailers by launching aggressive marketing campaigns and crypto giveaways.

For this year’s Hindu holiday season, which begins September 10, crypto exchanges are encouraging citizens to choose Bitcoin as a gift instead of their traditional choice of this time of year – gold.

Sathvik Vishwanath, the co-founder of the popular cryptocurrency exchange Unocoin, told The Economic Times that bitcoins and gift cards, when approached correctly, can be an exciting option for users to weigh as more awareness-raising activities are expected across the industry. “

The exchange has linked up with e-commerce sites to purchase prepaid gift cards for online purchases using Bitcoin.

The rival exchange WazirX, which has several product launches planned for this month, also targets crypto giveaways during the holiday season.

“Crypto giveaways are part of our product roadmap,” said Rajagopal Menon, vice president of marketing for the exchange. WazirX has expanded its team from 50 to over 200 employees this year and has announced further expansion plans over the Christmas period.

The marketing moves come when there is still a lack of regulatory clarity in India as lawmakers continue to delay implementing the legislation. However, there could be light at the end of the tunnel as new laws are enforced.

Related: The Indian government is rethinking the cryptocurrency ban

At a virtual blockchain summit last week, the chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, said that the coming crypto regulations will not be the same as stability in El Salvador, but will be dominated by national security concerns, seek stability balance. And growth.

Sinha also raised concerns about the misuse of crypto assets for money laundering and terrorist financing.

The Reserve Bank of India’s Deputy Governor Rama Gandhi spoke at the same event, calling lawmakers to clarify the asset class. He also stated that cryptocurrencies should be treated as assets or commodities rather than currencies.