India has maintained a tough stance against cryptocurrency since the country’s top government thinks they are utilized for illegal activities. In order to discourage trading, the nation additionally levied a flat 30% tax on cryptocurrency gains and a 1% Tax Deduction at Source (TDS).
In the most recent development, the preemptive ban on cryptocurrency advertising and sponsorships in the local women’s cricket league was another example of how the Indian government is taking a severe stance against the industry.
Planet sport revealed that the Women’s Premier League clubs received a 68-page recommendation from the Board of Control for Cricket in India (BCCI) on February 14 that listed the activities that couldn’t be advertised. The gambling and cigarette sectors were also highlighted in the statement.
According to the instructions,
“No Franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector. As an obvious consequence, any contractual arrangement with any blockchain service provider, fan tokens, collectables, that are directly or indirectly affiliated to the cryptocurrency sector is a no-no for the WPL.”
Crypto adoption struggles in India
The WPL is the women’s counterpart to the Indian Premier League (IPL), which boasts over 3 million attendees per season. The tournament starts on Mar. 4. The board has, however, permitted partnerships with fantasy sports organizations.
Shivam Chhuneja, a prominent industry influencer, accuses the BCCI of hypocrisy and a “huge push to limit the growth of digital assets.”
This comes after a prior prohibition for the men’s cricket Premier League, which was put in place back in 2022. The Indian Premier League had at least two local cryptocurrency exchange partnerships prior to the suspension, particularly CoinSwitch Kuber and CoinDCX. Coincidentally, the companies agreed in March 2022 not to advertise in the Premier League due to concerns about responsibility.
The expectations of Indian investors around the country were dashed when the Union Budget of 2023 of India failed to acknowledge digital assets and blockchain technology. Many had hoped for a drop in this year’s budget after India imposed heavy taxes on digital assets in March 2022, but they were disappointed.