BCCI restricts crypto and certain platforms for sponsoring cricket teams.

Crypto market fall might continue following this crypto barring by BCCI.

For the upcoming National Cricket Team’s sponsorship, the Board of Control for Cricket in India (BCCI) has banned certain platforms for its lead. Such platforms include cryptocurrency, betting platforms, tobacco, real-money gaming, and other alcohol brands. 

For a couple of years, the BCCI has barred crypto sponsorships. Back in 2021, the reports states that the BCCI has asked the Indian Premier League (IPL) teams and media partners to avoid sponsorships from any of the crypto firms. 

As of today, the BCCI has restricted the tender for the fore-mentioned categories including athleisure wear. The recent press release from the BCCI noted that the tender applications will be considered from platforms like BYJUS, an Ed-Tech which has already participated.  

Reason Behind The Crypto Barring

According to Jay Shah, the Secretary of BCCI,

“The attention of the interested parties is brought to Annexure B which details certain brand categories in which the interested party cannot bid.”

Meanwhile, the prolonged hitch of crypto acceptance keeps continuing since the government isn’t willing to promote crypto investments. Apparently, the alcohol prohibition is never surprising yet the crypto add-on stunts the crypto enthusiasts.

Over the last week, the global crypto market is under fall and the crypto firms are struggling on one side. However, this gets added up just like fire fuel. 

The BCCI authorities opt to consider barring crypto as the FTX and Vauld faced a sudden downfall. Though the Reserve Bank of India prefers to face a concerted strategy on crypto, this decision from the BCCI turns controversial. 

Hence, the crypto startups stood with pressures geared up for them as the challenges came up. On the other hand, the crypto industry is trembling with a bearish market and after days, the current global crypto market is slightly high by 2.22% comparatively. 

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Filed under: Bitcoin - @ June 16, 2023 5:53 pm