• The Board of Control for Cricket in India (BCCI) has issued a 68-page advisory to the Women’s Premier League teams, prohibiting any commercial associations with cryptocurrency businesses.
• This follows a similar ban for men’s cricket, which was introduced back in 2022.
• Prior to the ban, two local crypto exchanges had collaborated with the Indian Premier League.
Cryptocurrency Advertising Banned from Women’s Cricket
The Board of Control for Cricket in India (BCCI) has issued a 68-page advisory to the Women’s Premier League teams, prohibiting any commercial associations with cryptocurrency businesses. This follows a similar ban for men’s cricket that was introduced back in 2022. Two local crypto exchanges had previously collaborated with the Indian Premier League prior to the ban.
Background of BCCI Ban
The BCCI advisory document mentions cryptocurrencies along with other activities such as gambling and tobacco industries that are not allowed to be advertised by league teams. The decision was made out of responsibility concerns as these activities can have an adverse effect on society and public health.
Prior Collaboration between Crypto Exchanges and IPL
Before this new ban on crypto advertising and sponsorships, two local exchanges – CoinSwitch Kuber and CoinDCX – had already partnered up with the Indian Premier League back in March 2022. However, due to responsibility concerns raised by both parties involved, they decided against continuing their collaboration shortly afterwards.
Similar Bans Across Asia-Pacific Region
This is not an isolated incident as several countries across the Asia-Pacific region have been taking steps towards clamping down on cryptocurrency trading by introducing bans or restrictions on its usage within their borders. For example, China has been blocking access to certain foreign cryptocurrency exchanges since 2017 while South Korea implemented stricter regulations on digital asset trading platforms last year.
Conclusion
It appears that Indian authorities are taking proactive steps towards regulating cryptocurrencies within their jurisdiction by banning crypto advertising and sponsorships from both men’s and women’s cricket leagues. While it remains uncertain if this move will help reduce potential risks associated with virtual currencies, it does demonstrate government authorities’ efforts at preventing potential harms from being inflicted upon its citizens