“Crypto gifting is a part of our product roadmap,” says WazirX VP of Marketing
Inculcating Bitcoin gifting during the festival season is expected to improve crypto awareness
Local crypto exchanges in the world’s second-most populous country India are luring retail traders and private individuals to buy Bitcoin with aggressive marketing campaigns and free crypto giveaways in order to create awareness around the utility of digital assets.
The crypto industry is looking to use the country’s rich cultural history to make inroads into public consciousness by encouraging citizens to gift Bitcoin to friends and family instead of the traditionally accepted gold during the Hindu holiday season, Economic Times reported.
Unocoin co-founder Sathvik Vishwanath explained the strategy by stating that Bitcoin and gift vouchers can offer an interesting alternative for users who are looking to enter the crypto market but are hesitant to actively start trading.
He added that Unocoin had teamed up with several popular e-commerce websites in the country to enable users to purchase prepaid online shopping gift cards using Bitcoin.
WazirX, on the other hand, is focusing on launching new products during the festive season which are targeted at promoting crypto gift-giving.
“Crypto gifting is a part of our product roadmap,” Rajagopal Menon, the Vice President of Marketing at WazirX stated, adding that the exchange further plans to expand its team during the festive season.
India represents the untapped markets in South Asia that have posed unique social and regulatory challenges to the crypto community.
Lawmakers in Delhi continue to debate on the benefits and drawbacks of allowing digital asset trading, with reports suggesting that the government is rethinking the recently proposed crypto ban.
Chairman of India’s Parliamentary Standing Committee on Finance, Jayant Sinha, confirmed the government’s concerns at a virtual blockchain conference recently, stating that India’s regulatory framework will be based on issues including balance stability, growth, national security and the use of crypto for money laundering and terrorism financing.
However, despite these barriers, interest and investment in digital assets is only increasing in the country, with Binance-backed local crypto exchange WazirX recently reporting a 2,375% yearly increase in new signups in Tier I cities and a massive 2,648% increase in signups in Tier II and Tier III cities in India.