India’s top two crypto platforms each selected stars, Amitabh Bachchan, may be the most famous Indian actor of all time to promote cryptocurrencies as a superior and easy investment ahead of Dhanteras on the day of. most auspicious of the Hindu calendar to buy gold or start new projects. Indians have extended their investments in Diwali to include stocks, real estate, diamonds and other assets.
Cryptocurrency exchanges like CoinSwitch Kuber and CoinDCX based in Bangalore present Bitcoin as another option. In an advertisement for CoinSwitch, Ranveer Singh, star of some of the nation’s biggest blockbusters, delivers a Hindi rap about the simplicity of crypto trading.
Ease, however, may not be the central concern. The Reserve Bank of India effectively banned cryptocurrency trading until courts lift the bans in March 2020. Since then, the government has flirted with crypto governance legislation that could change the landscape for Investors.
Tapping into celebrity pitchmen helps push crypto into the mainstream and, particularly in the case of Bachchans, adds a measure of respectability. In addition to being a baritone god voice, Bachchan has been the famous face of RBI’s campaign against bank fraud, online and otherwise.
Aside from India’s plans for a virtual rupee, the RBI remains critical of cryptocurrencies, advocating that the government ban them. Over the weekend, officials met with Bachchan to reiterate his concerns, according to a person familiar with the development. The star said he is reconsidering his relationship with CoinDCX, the person said, asking not to be identified as the details are private.
Representatives of the central bank and CoinDCX did not respond to messages or questions sent by email. Calls and text messages to Bachchan and his representative went unanswered.
Singh has a fan base that leans towards the YOLO Generation as well as small town Indians. The merger with CoinSwitch is recent; the platform is the country’s largest crypto portal, with 10 million users to date.
Other Indian exchanges have attempted to demystify crypto for new investors, making it possible to buy or sell in two or three clicks.
A large number of global celebrities have advocated for digital coins. In the United States, soccer star Tom Brady and model Gisele Bundchen have a stake in FTX and co-star in its advertising campaign. Paris Hilton, Kim Kardashian, and Snoop Dog have also endorsed various crypto games.
By at least one metric, pitches are working: About 45% of crypto investors said they would invest on the basis of celebrity endorsement, according to a Morning Consult poll. Among investors more generally, 20% said they could be influenced by A-listers.
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