The Board of Control for Cricket in India (BCCI) has banned crypto advertising at its latest women’s tournament.
India has maintained a strict stance against cryptocurrencies as the top ministry believes it is used for illicit purposes. The country also imposed a flat 30% tax on crypto gains and a 1% Tax Deduction at Source (TDS) to crack down on trading activities.
Recently BCCI, the cricket governing body in India, warned the Women’s Premier League (WPL) teams not to associate with crypto-related companies. The WPL is the women’s counterpart to the Indian Premier League (IPL), which boasts over 3 million attendees per season. The tournament starts on Mar. 4,
BCCI Prohibits Advertising for Crypto Firms While Allowing Fantasy Sports
According to a Cricbuzz article, the BCCI has asked teams in a 68-page advisory not to sign advertising deals with cryptocurrency-related firms.
The instruction reads, “No Franchisee shall undertake a partnership or any kind of association with an entity that is in any way connected/related to an entity that is involved/operates, directly or indirectly, in the cryptocurrency sector.” As an obvious consequence, any contractual arrangement with any blockchain service provider, fan tokens, collectables, that are directly or indirectly affiliated to the cryptocurrency sector are a no-no for the WPL.”
However, the board has allowed associations with fantasy sports companies. Crypto influencer Shivam Chhuneja calls it hypocrisy from the BCCI and a “massive campaign to throttle the growth of crypto.”
India wants the G20 group of countries to establish a crypto standard operating protocol. The country took over the presidency of the G20 from Indonesia on Dec. 1.
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.