The Board of Control for Cricket in India (BCCI) showed their rage on cryptocurrencies with a ban on crypto advertising and sponsorships in the local women’s cricket league after banning it from the men’s cricket league.
BCCI sent a 68-page advisory to the Women’s Premier League teams, specifying the activities which couldn’t be advertised such as cryptocurrencies, gambling, and tobacco industries.
“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 betting/gambling/real money gaming/tobacco sector,” reads advisory.
It has also banned partnerships with an entity that is connected to cryptocurrency in any way, directly or indirectly. It said, “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.”
Franchisees will have to give full details of the rights and benefits that will be utilized by their sponsors to BCCI 10 days before the start of the season.
India, which has approximately 115 million crypto investors, introduced two laws demanding citizens to pay 30% crippling taxes on crypto-related unrealized gains and transactions.
The country’s finance minister, Nirmala Sitharaman, believes in a global regulatory framework for crypto. She recently responded to the crypto queries in Indian parliament lower house lok sabha and stated that the government is also promoting such technological changes.
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