• The Board of Control for Cricket in India (BCCI) has banned crypto advertising and sponsorships from the Women’s Premier League teams.
• This follows a previous ban for the Men’s cricket Premier League, introduced back in 2022.
• Indian authorities have taken a tough stance on cryptocurrencies, introducing two laws demanding crippling taxes on crypto-related unrealized gains and transactions.
Ban on Crypto Advertising & Sponsorship in Women’s Cricket League
The Board of Control for Cricket in India (BCCI) has sent out a 68-page advisory to the Women’s Premier League teams, specifying activities which cannot be advertised. This includes any partnership or association with an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector. This ban follows a similar one imposed on the Men’s cricket Premier League back in 2022.
Tough Indian Stance on Cryptocurrency
In 2022, India introduced two laws requiring its citizens to pay a 30% tax on unrealized crypto gains as well as transactions related to cryptocurrencies. These laws were met with criticism by investors who had hoped for more lenient regulations this year.
Previous Crypto Partnerships
Prior to their bans, both leagues had collaborated with local crypto exchanges such as CoinSwitch Kuber and CoinDCX. However, due to responsibility concerns raised by these businesses, they decided not to advertise during the premier league season in March 2022.
Impact of Ban
The ban will likely have a significant impact on both leagues since it prohibits crypto exchanges from providing sponsorship or advertising services during matches or events held under their jurisdiction. Furthermore, it will prevent players from displaying logos associated with any cryptocurrency business while they are playing or are part of official BCCI functions and events which could potentially damage their personal brand endorsements.
Conclusion
With its continued tough stance towards cryptocurrencies and advertisement bans implemented across multiple sports leagues now, it appears that India is taking steps towards limiting exposure of its citizens to digital assets such as Bitcoin (BTC).