India promotes Bitcoin gifts for holiday season

As the holiday season approaches in India, cryptocurrency exchanges are attempting to attract more retail traders by launching marketing campaigns that encourage citizens to choose Bitcoin as a gift, instead of gold, which is the traditional choice.

Sathvik Vishwanath, the co-founder of the popular crypto exchange Unocoin told the press, “Bitcoin and gift vouchers can be an interesting option for users to consider as more awareness activity is expected across the industry.” To support his claim, Unocoin has partnered with e-commerce websites to enable customers to purchase prepaid gift-vouchers vouchers for online shopping using Bitcoin.

Another exchange, WazirX, is also embracing crypto gift-giving for the holiday season. Rajagopal Menon, vice president of marketing at the exchange, said, “Crypto gifting is a part of our product roadmap.” It has expanded its staffing level from 50 to more than 200 employees this year, as part of its plans for India’s festive season.

This is happening as India’s government prepares to update its crypto regulations. Jayant Sinha, Chairman of India’s Parliamentary Standing Committee on Finance, announced last week that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated by concerns of national security, striving to balance stability and growth. Rama Gandhi, former deputy governor of the Reserve Bank of India, urged lawmakers to provide clarity regarding the asset class, adding that he believed cryptocurrencies should be treated as assets or commodities, and not as currencies.

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