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To celebrate the festive season in India, cryptocurrency exchanges are looking to attract retailers by launching aggressive marketing campaigns and ditching cryptocurrencies.

For this year’s Hindu holiday season, which began on September 10, cryptocurrency exchanges are encouraging citizens to choose bitcoin as a gift over their traditional choice at this time of year – gold.

Sathvik Vishwanath, co-founder of popular cryptocurrency exchange Unocoin, told Economic Times that if approached correctly, “Bitcoin vouchers and gifts could be an interesting option for users to consider as there is expected to be greater awareness activity across the industry.”

The exchange has been linked to e-commerce sites to enable customers to purchase prepaid gift vouchers for online shopping with Bitcoin.

Rival exchange, WazirX, which has a number of product launches scheduled this month, is also targeting crypto gifts amid the festive season.

“Cryptocurrency gifts are part of our product roadmap,” Rajagopal Menon, vice president of marketing for the exchange, stated. WazirX expanded its team from 50 to more than 200 employees this year, indicating plans for further expansion during the holiday season.

The marketing moves come at a time when regulatory clarity is still lacking in India as lawmakers continue to stall implementation of legislation. However, there may be some light at the end of the tunnel, as work is being done on new legislation.

Related: Indian government rethinks cryptocurrency ban

Speaking at a virtual blockchain summit last week, India’s Parliamentary Standing Committee on Finance Chairman Jayant Sinha said that the upcoming crypto regulations will not be like those in El Salvador, but will be dominated by national security concerns, striving to balance stability. and growth.

Sinha also expressed his concerns about the misuse of crypto assets in money laundering and terrorist financing.

Speaking at the same event, the former Deputy Governor of the Reserve Bank of India, Rama Gandhi, urged lawmakers to provide clarification on the asset class. He also stated that cryptocurrencies should be treated as assets or commodities and not as currencies.