What’s happening? The Advertising Standards Council of India (ASCI) stated that more than 400 advertisements on cryptocurrencies featuring social media influencers, on different platforms had violated their guidelines so far in 2022, the Economic Times reported. In the past five months, ASCI took up 453 complaints where 419 required modifications as they were found to be in violation of one or more crypto or influencer criteria. Notably, a majority of the complaints were against influencers. What did ASCI say? Manisha Kapoor, chief executive of ASCI, said to ET, “Some influencers talk so confidently about crypto without fully understanding it. It does create an impression that it is safe, it's fine and a cool thing.” Why does it matter? Amid a rising market in 2021, crypto currency companies flooded audio-video streaming platforms and social media networks with advertisements and branded promotions featuring arrays of popular faces, from influencers to Bollywood starlets. These aggressive marketing campaigns blatantly disregarded existing advert norms but were massively successful in introducing thousands of Indians to the crypto market, which after a couple of growth intensive years, is currently in a free fall. `Crypto companies’ aggressive marketing in 2020-21: Top crypto exchanges such as Coin DCX and CoinSwitch Kuber brought on board Bollywood stars Ayushmann Khurrana and Ranveer Singh, respectively, for campaigns during the ICC T20 World Cup and the cash rich Indian Premier League. Most of these ads centred on how "easy it is to invest" in crypto currencies. Crypto platforms had spent as much as…
- The Fine Line: Regulating Real Money Gaming in India #QuickTake February 4, 2023
- Join the Club: Along with Telegram, WhatsApp Also Faces Copyright Infringement Cases at Delhi HC February 4, 2023
- Microsoft Teams Premium to incorporate ChatGPT: 4 key take aways February 3, 2023
- Update: Supreme Court Asks Indian Govt to Produce Records Issued To ‘Block’ BBC Documentary February 3, 2023
- RTI: Nearly 5,000 URLs blocked under Section 69A in the first 10 months of 2022 February 3, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...