The Board of Control for Cricket has instructed Women’s Premier League clubs to refrain from advertising cryptocurrency-related items.
The Board of Cricket Control in India (BCCI) has prohibited crypto-related advertising during its most recent women’s competition.
India has maintained a firm stance on cryptocurrencies since the country’s highest ministry thinks they are utilised for illegal activities. To tighten down on trading activities, the nation has levied a 30% flat tax on crypto earnings and a 1% Tax Deduction at Source (TDS).
The Indian cricket governing body, BCCI, has advised Women’s Premier League (WPL) clubs from associating with crypto-related businesses. The WPL is the women’s equivalent of the Indian Premier League (IPL), which attracts more than 3 million spectators every season. The competition begins on March 4.
According to a Cricbuzz article, the BCCI has issued a 68-page piece of advice asking teams not to sign advertising contracts with cryptocurrency-related companies.
The rule states, “No Franchisee should undertake any partnership or any sort of relationship with any business that is in any way connected/related to the entity that is involved/operates, directly or indirectly, in the cryptocurrency industry.” As a result, any contractual agreement with a blockchain service provider, fan tokens, or collectables that are directly or indirectly associated with the cryptocurrency industry is strictly prohibited by the WPL.”
The board has nonetheless permitted connections with fantasy sports firms. According to crypto influencer Shivam Chhuneja, the BCCI is engaging in hypocrisy and a “huge push to suppress the emergence of crypto.”
India wants the G20 to adopt a crypto-operating protocol standard. The nation takes up the G20 leadership from Indonesia on December 1.
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