In a recent blogpost, Bollywood actor Amitabh Bachchan had indicated that he is reconsidering a recently signed ad campaign with the crypto trading platform.
“.. the other being a rapidly growing business of crypto and the endorsement signed, but on the verge of second thoughts, despite SC and RBI permits of operation .. albeit in a private capacity .. but the thought for me was that if things were to go wrong then the target of blame would come on me .. so withdraw .. but the generosity of the client to wait till there is formal approval for operations and their will to do it with me .. ONLY .. obliged and humbled ..” he wrote.
Incidentally, the actor is also associated with the RBI as the brand ambassador of the ‘RBI Kehta hai’, a public awareness initiative of the central bank aimed at educating the public about its regulations for enhancing the quality of customer service in banks.
Responding to Inc42, a CoinDCX spokesperson said, “We continue to be associated with Mr. Bachchan for our campaign. We will keep you posted if there are any developments around this.”
“Through Mr. Bachchan, CoinDCX wants to convey that it is at the forefront when it comes to the safety of its users and being compliant with all the regulations. In addition, the brand aims to educate prospective users about the crypto space,” the company had said in its statement.
Last month, the Finance Ministry constituted a group to examine the scope of taxation on income made from cryptocurrency trading. The committee is mandated to examine if the income from trading in cryptocurrencies can be taxed as capital gains or a new category should be formed.
Despite uncertainty around the policy, the Reserve Bank of India (RBI) is working on the implementation of a digital currency — central bank digital currency (CBDC). RBI defines CBDC as a legal tender and a central bank liability in digital form denominated in a sovereign currency and appearing on the central bank’s balance sheet.