BCCI says no to Cryptocurrency sponsorship: The Board of Control for Cricket in India (BCCI) has strictly stated that “any endorsement deals with cryptocurrency and betting companies will not be permitted through a surrogate measure in IPL 2022″. An official BCCI has reportedly said that the Indian government will bring in a bill to properly frame cryptocurrency regulations preventing private digital currency exchange.
A BCCI official stated: “Yes, we have told the teams & IPL stakeholders that no deals should be weaved in with Cryptocurrency companies. We are also concerned about some of the betting companies advertising via surrogate methods as news platforms or other measures. We will not allow the same in future”
IPL franchises have received a lot of interest from crypto exchanges. It plans to become the title or associate sponsor of the teams in the upcoming IPL 2022 season. The Indian Cricket Board said there will be no commercial agreement on the IPL until there is regulation in the cryptocurrency sector.
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The BCCI has sent notices to team owners and media rights holders like Star Sports and Disney to suspend all endorsement deals with cryptocurrency exchanges. BCCI says no to Cryptocurrency sponsorship.
It would certainly be a great business loss for the team owners. It was offered 1.5 times the main sponsorship. The brand wanted to build their public image with IPL and they were willing to pay that amount.
Popular brands such as Coin DCX, Coin Switch Kuber, WazirX and others have become active in advertising during cricket matches such as the T20 World Cup and the completed tour of India and Sri Lanka. Now, according to the new instructions, all these ads will no longer show.
Reserve Bank Governor Shaktikanta Das expressed concern and called for a complete ban on cryptocurrencies as it poses a threat to the country’s economy. Major banks in the country have also taken the initiative to educate people about the side-effects of cryptocurrencies.
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