Why is India going to celebrate the festival of lights with cryptocurrencies?
India is one of the most notable developing nations in the world, has a unique way of doing things. We Indians are quite different compared to the western countries. Don’t believe it? We pay our top actors to promote cryptocurrency exchanges. Now you are getting the plot, I guess.
There is a craze for celebrating Diwali (festival of lights) in India. The first day of Diwali is Dhanteras. Indians usually buy gold or diamonds, start a new business venture or invest in real estate on this particular day. Following the Supreme court’s green signal for crypto in India, something new is happening this year. The major crypto exchanges in India are joining hands with A-listers of the Bollywood cinema to attract new customers. So, this Diwali it’s not gold or diamond, it’s going to be BTC or ETH mania in India.
Ranveer Singh, one of the finest actors in India, is enrolled in an ad promoting CoinSwitch. His movie ‘Gully Boy’ is a blockbuster and he appears in the ad in the same gesture, singing a rap about crypto trading. He has around 13.9 million followers, but this CoinSwitch tweet of him had quite limited appeal, compared to the rest of his tweets.
And here comes the irony. Amitabh Bachchan who appeared in RBI campaigns against bank fraud is now promoting CoinDCX. The RBI has asked Bachchan to explain the concerns about cryptocurrencies and this is why Bollywood actors are now reconsidering working with CoinDCX.
This could mean that cryptocurrencies are almost in full swing in the Indian market, leading to their mass adoption. I’m keeping my fingers crossed to see the crypto fever coming from Bollywood down to the southern regions of India as well.