The Cricket Control Council of India (BCCI) has banned cricket franchises from partnering with cryptocurrency exchanges to place advertisements as the cryptocurrency sector is not sufficiently regulated.
The Cricket Board of India has issued a document in which
saidthat all franchises, including the Indian Premier Cricket League (IPL), need to abandon any advertising partnerships with cryptocurrency exchanges.
According to The Economic Times of India, the Cricket Control Board’s position is that cryptocurrencies, as an asset class, are not regulated in India. Therefore, the ban will continue until the government creates a legislative framework to regulate the cryptocurrency sector.
Some cricket teams have received offers from exchanges that want to sponsor them ahead of the next cricket season. At least two teams have already had to cancel these deals.
“This is a great loss of opportunity. The amount offered as sponsorship was 1.5 times more than our current sponsor pays. They wanted to associate their brand with us and were willing to pay for it, ”said a team leader.
In mid-November, it became known that the Indian government may prohibit the use of cryptocurrencies to pay for goods and services, while trading in digital assets will be allowed. To finalize the project, the Ministry of Finance held a series of closed meetings with the Reserve Bank of India (RBI) and with representatives of the cryptocurrency industry.
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